Silver bulls gathering pace for a fresh leg higher. Rectangle breakout spotted on the hourly chart. Hourly RSI in the overbought region, upside not yet over. Silver (XAG/USD) has finally dived out of the three-day horizontal channel on the hourly sticks, validating the bullish break above the $27.75 level. The hourly Relative Strength Index (RSI) points north in the overbought territory, implying there is more scope for the upside. Also, the price trades above all the major hourly Simple Moving Averages (HMA). The bulls look to test the pattern target at $29.75, which is close to the 7.5-year highs of $29.85, reached last week. On its way to multi-year highs, the $29 level could challenge the bulls’ commitment. The next hurdle is aligned at $29.27/41 (Aug 11 & 10 highs). Alternatively, the bulls could be offered immediate respite at $27.75/70 area, the confluence of the pattern resistance-turned-support and bullish 21-HMA. A break below the latter could call for a test of the horizontal 200-HMA at $27.25. A daily closing below the 200-HMA is needed to negate the near-term bullish momentum. 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 US Dollar Index Price Analysis: Extra losses now target 91.80 FX Street 2 years Silver bulls gathering pace for a fresh leg higher. Rectangle breakout spotted on the hourly chart. Hourly RSI in the overbought region, upside not yet over. Silver (XAG/USD) has finally dived out of the three-day horizontal channel on the hourly sticks, validating the bullish break above the $27.75 level. The hourly Relative Strength Index (RSI) points north in the overbought territory, implying there is more scope for the upside. Also, the price trades above all the major hourly Simple Moving Averages (HMA). The bulls look to test the pattern target at $29.75, which is close to the 7.5-year highs of $29.85,… 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.
