- Silver bulls gathering pace before the next push higher.
- XAG/USD charted a falling wedge breakdown on the 1H chart.
- 100-HMA offers immediate resistance, with bullish RSI.
Silver (XAG/USD) is probing the downward-sloping 100-hourly moving average (HMA) resistance at $24.45, awaiting a strong catalyst in the US Retail Sales data for a sustained break above the latter.
Acceptance above the latter will trigger a fresh rally towards the falling wedge pattern target aligned above the $26 mark.
On its way to $26 levels, the bulls could face stiff resistance at the October 12 high of $25.56.
The hourly Relative Strength Index (RSI) trades above the midline at 58.70, allowing more gains.
Alternatively, strong support is seen at $24.25, the confluence of the horizontal 200-HMA and bullish 21-HMA.
Below which the pattern resistance now support at $23.89 could be put to test.
XAG/USD: Hourly chart
XAG/USD: Additional levels
|Today last price||24.36|
|Today Daily Change||0.08|
|Today Daily Change %||0.33|
|Today daily open||24.28|
|Previous Daily High||24.31|
|Previous Daily Low||23.57|
|Previous Weekly High||25.18|
|Previous Weekly Low||22.88|
|Previous Monthly High||28.9|
|Previous Monthly Low||21.66|
|Daily Fibonacci 38.2%||24.03|
|Daily Fibonacci 61.8%||23.85|
|Daily Pivot Point S1||23.79|
|Daily Pivot Point S2||23.31|
|Daily Pivot Point S3||23.05|
|Daily Pivot Point R1||24.53|
|Daily Pivot Point R2||24.79|
|Daily Pivot Point R3||25.28|
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