As seen from the daily chart of spot silver against the US dollar, XAG/USD recently broke out to the downside after forcefully breaking south of a neckline ($24.51) of a double-top pattern formed around resistance at $25.85. Downside support can be seen in the form of a trendline resistance-turned-support taken from the high of $30.14, closely followed by the double-top pattern’s profit objective at $22.89.
Therefore, as we head into a fresh week of trading, price action favours short-term selling towards the noted daily support levels around the $23.22ish region. However, longer-term buyers could make a comeback should the aforementioned supports make a show, in line with the current uptrend (active since September 2022).
Therefore, as we head into a fresh week of trading, price action favours short-term selling towards the noted daily support levels around the $23.22ish region. However, longer-term buyers could make a comeback should the aforementioned supports make a show, in line with the current uptrend (active since September 2022).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.