Silver looks to extend the bullish momentum, tracking Gold. Rectangle pattern breakout spotted on the hourly sticks. A pullback cannot be ruled out before the uptrend resumes. Silver (XAG/USD) is on a roll higher and tests fresh all-time highs, taking cues from its close peer, gold. The spot sits at record highs above $26.75 and looks to break above the $27 barrier amid a bullish technical set up. From a short-term technical perspective, the white metal remains exposed to further upside risks, given the rectangle pattern breakout spotted on the hourly chart in early Europe. The technical breakout calls for a test of the pattern target at $27.27 before which the bulls could face stiff resistance at $27.00 (round figure). The hourly Relative Strength Index (RSI) holds steady in the overbought territory. Therefore, temporary pullbacks cannot be ruled before the bullish spin resumes. The corrective declines could meet strong demand at the horizontal pattern resistance-turned-support at $26.32, below which the upward-sloping 21-hourly Simple Moving Average (HMA) at $25.92 could come into play. All in all, the path of least resistance is to the upside in XAG/USD. Silver: XAG/USD hourly chart Silver 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 AUD/USD advances beyond 0.7200 ahead of key US data FX Street 2 years Silver looks to extend the bullish momentum, tracking Gold. Rectangle pattern breakout spotted on the hourly sticks. A pullback cannot be ruled out before the uptrend resumes. Silver (XAG/USD) is on a roll higher and tests fresh all-time highs, taking cues from its close peer, gold. The spot sits at record highs above $26.75 and looks to break above the $27 barrier amid a bullish technical set up. From a short-term technical perspective, the white metal remains exposed to further upside risks, given the rectangle pattern breakout spotted on the hourly chart in early Europe. The technical breakout calls… Top 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.
