Technical analysis of silver XAGUSD - viewed in the D1 chart
The price of silver has been in a congestion zone between USD 21.67 and USD 30.09 since August 2020. Within this range, the technical starting position is neutral in the medium term. Looking at the overarching chart, we ultimately expect the range to dissolve towards the north and thus a continuation of the cyclical overarching upward trend towards initially 35.00-37.50 USD and 38.50 USD.
Countermovement ended?
In the short term, the chart is bearish after the dissolution of a trading range of several weeks on June 16. The important support cluster at USD 25.60-25.80 (this includes the lower limit of a consolidation, the 61.8% fibonacci retracement of the interim rally from the March low to the May high and the 200-day line ) recently triggered a technical countermovement, as we favored. It rose to $ 26.77 on Tuesday before renewed selling pressure.
Focus on support
As long as the next resistance region of USD 27.00-27.40 cannot be overcome, we continue to favor taxes towards USD 24.80, USD 23.50 / USD 24.00 and possibly USD 21.67-22.63. A corresponding follow-up sell signal would arise with a significant slide below USD 25.60. Should the USD 27.40 mark be surpassed in the long term, however, an advance towards USD 28.29 would be likely. Above that, the bulls would clearly gain the upper hand and should target the overarching critical zone at USD 30.00 / 30.09.
Note:
Despite careful analysis, Global Investa does not accept any liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.
The price of silver has been in a congestion zone between USD 21.67 and USD 30.09 since August 2020. Within this range, the technical starting position is neutral in the medium term. Looking at the overarching chart, we ultimately expect the range to dissolve towards the north and thus a continuation of the cyclical overarching upward trend towards initially 35.00-37.50 USD and 38.50 USD.
Countermovement ended?
In the short term, the chart is bearish after the dissolution of a trading range of several weeks on June 16. The important support cluster at USD 25.60-25.80 (this includes the lower limit of a consolidation, the 61.8% fibonacci retracement of the interim rally from the March low to the May high and the 200-day line ) recently triggered a technical countermovement, as we favored. It rose to $ 26.77 on Tuesday before renewed selling pressure.
Focus on support
As long as the next resistance region of USD 27.00-27.40 cannot be overcome, we continue to favor taxes towards USD 24.80, USD 23.50 / USD 24.00 and possibly USD 21.67-22.63. A corresponding follow-up sell signal would arise with a significant slide below USD 25.60. Should the USD 27.40 mark be surpassed in the long term, however, an advance towards USD 28.29 would be likely. Above that, the bulls would clearly gain the upper hand and should target the overarching critical zone at USD 30.00 / 30.09.
Note:
Despite careful analysis, Global Investa does not accept any liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.