Silver bears take a breather before the next push lower. Rising wedge breakdown on 1H, lack of healthy supports point south. Hourly RSI inches slightly lower below the midline, bearish. Silver (XAU/USD) is consolidating the downside break spotted on the hourly sticks after the price dived out of the rising wedge formation earlier this Friday. The rising wedge is a bearish continuation pattern, suggesting the spot is poised for additional losses. The hourly Relative Strength Index (RSI) also backs the case for the further downside, as it has turned slightly lower below the midline (50.0). The bears need a decisive break below the horizontal 50-hourly Simple Moving Average (HMA) support at $26.34 to trigger a fresh sell-off towards the $26 mark. The next downside target is marked at Thursday’s low of $25.28, which will be critical to defending the near-term bullish bias. On the flip side, the bulls need acceptance above a cluster of robust resistance levels stacked up around $26.90-27 levels for a move higher. That area is the confluence of the 21, 100 and 200-HMAs. Although, the rising trendline (pattern) support-turned-resistance at $27.53 will be the level to beat for the XAG bulls. 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 GBP/USD clings to modest gains near 1.3075 region, lacks follow-through FX Street 2 years Silver bears take a breather before the next push lower. Rising wedge breakdown on 1H, lack of healthy supports point south. Hourly RSI inches slightly lower below the midline, bearish. Silver (XAU/USD) is consolidating the downside break spotted on the hourly sticks after the price dived out of the rising wedge formation earlier this Friday. The rising wedge is a bearish continuation pattern, suggesting the spot is poised for additional losses. The hourly Relative Strength Index (RSI) also backs the case for the further downside, as it has turned slightly lower below the midline (50.0). The bears need a decisive… 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.
