XAG/USD 1H Chart: Bulls could push for breakout

OANDA:XAGUSD   Silver / U.S. Dollar
After hitting the bearish trend-line at 17.67 three weeks ago, XAG/USD has been guided by a channel down. The short-term rising wedge that bounds the latest wave up within this channel.

In terms of today, the pair’s failure to breach the 200-hour SMA near 16.62 earlier in the day resulted in a southern breakout of the short-term wedge . The rate was stranded in a narrow range between the 200– and 55-hour SMAs by mid-session. It is likely that a breakout from any of these barriers will determine the pair’s direction within the following days.

Even though the general tendency of technical indicators is southwards, the pair could find support at the 100– and 55-hour SMAs and the weekly PP circa 16.50, thus pressuring the rate for a breakout north. A possible upside target in this scenario is the monthly PP at 17.28.
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