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XAG Showing Promise Into New Week Of Silver Trading

OANDA:XAGUSD   Silver / U.S. Dollar
Silver Overview
Silver broke north as depicted in my previous silver post to close for the week at the 16.6 level which sees the major swing low. A level reflected before the drop a lot of markets encountered in March 2020. This is to be acknowledged, as the Bulls need to contend with these prior price points. The bears will be defensive preventing the bulls to execute freely for more northerly P action.

Area of Interest
Support Zone 1 may come into play at market open on Monday and price action on the lower timeframes may slither along the trend line depicted on the daily charts . If the Bulls open at current levels and push higher closing positive on the daily then XAG will position itself well to potentially rise to $17 -17.5. P action will be contenting with the prior price points from Aug 2019 in that case.

A break of support 1 may see the bears drive the price back to support zone 2 above the prior consolidation that started since the April. (See Below Support & Resistance zones for more info)

Overall Silver has had a strong week and lets see if it can continue the run and momentum to the upside this week.

📈Support & Resistance📉*
Support Levels
1st Support Zone: 16.48079
2nd Support Zone: 15.85826
3rd Support Zone: 15.54766

Resistance Levels:
1st Resistance Zone: 16.83701
2nd Resistance Zone: 17.20388
3rd Resistance Zone: 17.48440


Price Level Consideration
All Time High Half Way Point: 960.480
Prominent High: 18.94754
Prominent Low: 11.60858
🐃 Bulls Verse Bears 🐻
🐃 Bullish above: 17.63366
🐻 Bearish below: BEARISH at the moment

Monthly & Weekly Opens
Monthly Open: 14.96137
Weekly Open: 15.46634 (Monday open will change this)

Comments

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