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21.05.2024 05:09 PM
Silver's daily chart shows that it has bullish momentum since April 29. Currently, it is located above 4/8 Murray and is likely to continue rising in the coming days and could reach 32.81 and even 6/8 Murray located at 34.37.
Silver and gold are highly correlated and we can see that the XAG/USD is showing signs of exhaustion. The latest trading session shows indecision in market sentiment. There will likely be a technical correction in the coming days towards the bottom of the uptrend channel located at 29.70.
If silver consolidates above 31.25 (4/8 Murray), the outlook could remain positive. Any technical bounce would help resume the uptrend and the price could reach the top of the uptrend channel around 32.81.
With a sharp break of the uptrend channel and consolidation below the psychological level of $30, we could expect the price to reach the 21 SMA at 28.17. Finally, it could climb to the 200 EMA located at 24.78, which coincides with the psychological level of $25.00.
The eagle indicator is giving overbought signals, so we believe that there could be a technical correction in the next few days. Therefore, we could sell silver below 32.50.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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