ForexPinnacle

XAGUSD (Silver Analysis)

FX:XAGUSD   Silver/U.S. Dollar
Analysis for Silver             highlighting some potential support and resistance zones, both on the daily and hourly time frames to keep an eye on. Price is currently struggling to make a clear break lower of the 38.2% Fibonacci level and it is also approaching a key upward trendline that has so far held on multiple tests. A long trade for XAGUSD             could be appropriate on an initial test of the trendline , others might feel a bounce would give them confirmation for entering long. MACD also appears to be turning higher which could be indicate bullish momentum for this pair. Alternatively if price breaks the trendline then be careful on entering short as support zones and the 61.8% Fibonacci lie beneath.

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