Silver bulls strongly defending the $27.10 support. Trapped in descending triangle on the hourly chart. XAG/USD needs a clearance above $27.75 for a fresh leg higher. Following the rejection at $28.50 in the US last session, Silver (XAG/USD) has remained trapped in a $1 range this Wednesday, awaiting a range breakout. A bullish break is likely on the cards, as the price consolidation has carved out a descending triangle formation on the hourly chart. The natural tendency of the pattern is to yield a breakout. Therefore, the bulls need acceptance above the critical hurdle at $27.75 to confirm the pattern. That level is the confluence of the 21- hourly Simple Moving Average (HMA) and the falling trendline resistance. The spot faces an immediate barrier at $27.65, which the upward-sloping 50-HMA. The hourly Relative Strength Index (RSI) inches lower below the midline, indicating that the bulls are likely to have a tough time regaining control. To the downside, $27.20 is likely to offer some solid support. That level is the intersection of the 100 and 200-HMA. A break below which the horizontal trendline support at $27.10 will be put at risk. XAG/USD: Hourly chart XAG/USD: Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold: The core trend stays seen up – Credit Suisse FX Street 2 years Silver bulls strongly defending the $27.10 support. Trapped in descending triangle on the hourly chart. XAG/USD needs a clearance above $27.75 for a fresh leg higher. Following the rejection at $28.50 in the US last session, Silver (XAG/USD) has remained trapped in a $1 range this Wednesday, awaiting a range breakout. A bullish break is likely on the cards, as the price consolidation has carved out a descending triangle formation on the hourly chart. The natural tendency of the pattern is to yield a breakout. Therefore, the bulls need acceptance above the critical hurdle at $27.75 to confirm the pattern. That level is… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
