Silver Price Analysis: XAG/USD flat despite bullish candlestick pattern on the weekly chart
Silver is trading mostly unchanged on the day near $25.44 per ounce at press time.
The semi-precious metal is struggling to gather upside traction, marking a weak follow-through to the bullish outside week candle created in the five days to Jan. 22.
A bullish outside week occurs when an asset sees more volatility than the previous week and ends the period with gains. In Silver's case, the bullish outside week appeared following a two-week drop and indicates a reversal higher.
So far, however, the buyers have remained elusive. Chart-driven traders could be waiting for a confirmation of reversal higher in the form of a convincing move above the past week's high of $26.04. That would open the doors to $27.92 (high seen earlier this month).
On the downside, the previous week's low of $24.06 is the level to beat for the sellers.
Weekly chart
Trend: Bullish
Technical levels
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
