XAG/USD has been in an uptrend since October 2023, when it reached a low of 21.35¹.
- The price has been making higher highs and higher lows, forming an ascending channel on the daily chart¹².
- The price is currently testing the upper boundary of the channel at 23.14, which is also a resistance level from September 2023¹³.
- If the price breaks above this level, it could signal a continuation of the uptrend and a potential target of 24.00, which is the next resistance level and the 61.8% Fibonacci retracement of the July-October decline¹⁴.
- The price is also supported by the 50-day and 200-day moving averages, which are both rising and indicate a positive trend¹⁵.
- The MACD indicator is above zero and shows a bullish momentum¹⁶.
- The RSI indicator is above 50 and shows a bullish strength¹⁷.
Therefore, based on these technical factors, I have a bullish outlook for XAG/USD in the short to medium term. However, I also advise you to be cautious of any potential reversal signals or negative news that could affect the silver market. This is not a financial advice and you should do your own research before making any trading decisions.
Source: Conversation with Bing, 30/10/2023
(1) XAGUSD Charts and Quotes — TradingView. www.tradingview.com/symbols/XAGUSD/.
(2) XAG USD Chart - Investing.com. www.investing.com/cu...ncies/xag-usd-chart.
(3) XAG/USD Chart - FXStreet. www.fxstreet.com/rat...charts/xagusd/chart.
(4) XAGUSD Chart (Silver / US Dollar Forex Chart) - TradingCharts. forex.tradingcharts....lver_US Dollar.html.
(5) XAG USD Chart - Investing.com India. in.investing.com/cur...ncies/xag-usd-chart.
- The price has been making higher highs and higher lows, forming an ascending channel on the daily chart¹².
- The price is currently testing the upper boundary of the channel at 23.14, which is also a resistance level from September 2023¹³.
- If the price breaks above this level, it could signal a continuation of the uptrend and a potential target of 24.00, which is the next resistance level and the 61.8% Fibonacci retracement of the July-October decline¹⁴.
- The price is also supported by the 50-day and 200-day moving averages, which are both rising and indicate a positive trend¹⁵.
- The MACD indicator is above zero and shows a bullish momentum¹⁶.
- The RSI indicator is above 50 and shows a bullish strength¹⁷.
Therefore, based on these technical factors, I have a bullish outlook for XAG/USD in the short to medium term. However, I also advise you to be cautious of any potential reversal signals or negative news that could affect the silver market. This is not a financial advice and you should do your own research before making any trading decisions.
Source: Conversation with Bing, 30/10/2023
(1) XAGUSD Charts and Quotes — TradingView. www.tradingview.com/symbols/XAGUSD/.
(2) XAG USD Chart - Investing.com. www.investing.com/cu...ncies/xag-usd-chart.
(3) XAG/USD Chart - FXStreet. www.fxstreet.com/rat...charts/xagusd/chart.
(4) XAGUSD Chart (Silver / US Dollar Forex Chart) - TradingCharts. forex.tradingcharts....lver_US Dollar.html.
(5) XAG USD Chart - Investing.com India. in.investing.com/cur...ncies/xag-usd-chart.