XAGUSD is in the process of formatting a rising wedge pattern on the daily graph which might give a bullish momentum for the instrument in the next couple of days. The weakening of the dollar is also making investments in precious metals more desirable for the investors.
RSI indicator is strongly confirming the outlook, being above the 50 neutral line, the confirmation of MACD is weaker, with the histogram still below the 0 value, but still rising.
If this trend continues, the price of the instrument might try to reach levels of 21.725, but on the other hand, if the trend reverses, the price might test its previous support at 21.333
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
RSI indicator is strongly confirming the outlook, being above the 50 neutral line, the confirmation of MACD is weaker, with the histogram still below the 0 value, but still rising.
If this trend continues, the price of the instrument might try to reach levels of 21.725, but on the other hand, if the trend reverses, the price might test its previous support at 21.333
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.