Silver’s path of least resistance appears to the upside. XAG/USD ranges in a week-long symmetrical triangle. Hourly RSI turns flat but remains in the bullish zone. Silver (XAG/USD) extends its consolidative mode into Europe on Monday, awaiting a fresh impetus for a sustained move above the $24 mark. Broad-based US dollar weakness seemingly benefits the white metal while from a short-term technical perspective, the bullion holds above a bunch of healthy support levels, as depicted by the hourly chart. The spot extends its range play while trading within a week-long symmetrical triangle formation, with a breakout expected on either side. However, the upside appears more compelling, as the price has recaptured all the critical Simple Moving Average on the said time frame. The bulls now look to test the falling trendline resistance at $24.14. Acceptance above the latter would validate the triangle pattern, opening doors for a test of $24.50 levels. The hourly Relative Strength Index (RSI) has turned flat but holds well above the midline, suggesting that there Is additional scope for gains. To the downside, strong support around $23.80 will likely limit the pullbacks. That zone is the confluence of the horizontal 21, 50 and 100-HMAs. Further south, the rising trendline support at $23.69 could be put to test. 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 USD/JPY clings to gains near session tops, just above mid-105.00s FX Street 2 years Silver’s path of least resistance appears to the upside. XAG/USD ranges in a week-long symmetrical triangle. Hourly RSI turns flat but remains in the bullish zone. Silver (XAG/USD) extends its consolidative mode into Europe on Monday, awaiting a fresh impetus for a sustained move above the $24 mark. Broad-based US dollar weakness seemingly benefits the white metal while from a short-term technical perspective, the bullion holds above a bunch of healthy support levels, as depicted by the hourly chart. The spot extends its range play while trading within a week-long symmetrical triangle formation, with a breakout expected on either side. However,… 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.
