Silver (XAG/USD) Testing Long-Term Trendline Support
Chart Analysis:
Silver prices are approaching a key rising trendline (black) that has supported the market throughout 2024. This level could provide a pivotal point for the next directional move.
1️⃣ Rising Trendline Support:
The trendline, drawn from the January 2024 low, has consistently acted as support. Silver is currently testing this level around $30.39, which aligns with a potential decision zone.
2️⃣ Moving Averages:
50-day SMA (blue): Price has slipped below the 50-day SMA at $31.64, suggesting near-term bearish pressure.
200-day SMA (red): The longer-term trend remains intact, with the 200-day SMA rising steadily near $29.57.
3️⃣ Momentum Indicators:
RSI: Hovering at 42, showing weakening momentum but not yet oversold. Traders may monitor for divergence signals.
MACD: The MACD line is below zero, with a slight bearish crossover forming, reinforcing a cautious outlook.
What to Watch:
A decisive move below the rising trendline could bring the 200-day SMA ($29.57) into focus as the next key support.
On the other hand, a bounce from this trendline might signal renewed bullish momentum, with resistance likely at the 50-day SMA ($31.64).
RSI and MACD movements could offer early clues for price direction.
Silver is at a technical crossroads as it tests critical long-term trendline support. Traders will be watching closely for confirmation of the next move.
-MW
Silver prices are approaching a key rising trendline (black) that has supported the market throughout 2024. This level could provide a pivotal point for the next directional move.
1️⃣ Rising Trendline Support:
The trendline, drawn from the January 2024 low, has consistently acted as support. Silver is currently testing this level around $30.39, which aligns with a potential decision zone.
2️⃣ Moving Averages:
50-day SMA (blue): Price has slipped below the 50-day SMA at $31.64, suggesting near-term bearish pressure.
200-day SMA (red): The longer-term trend remains intact, with the 200-day SMA rising steadily near $29.57.
3️⃣ Momentum Indicators:
RSI: Hovering at 42, showing weakening momentum but not yet oversold. Traders may monitor for divergence signals.
MACD: The MACD line is below zero, with a slight bearish crossover forming, reinforcing a cautious outlook.
What to Watch:
A decisive move below the rising trendline could bring the 200-day SMA ($29.57) into focus as the next key support.
On the other hand, a bounce from this trendline might signal renewed bullish momentum, with resistance likely at the 50-day SMA ($31.64).
RSI and MACD movements could offer early clues for price direction.
Silver is at a technical crossroads as it tests critical long-term trendline support. Traders will be watching closely for confirmation of the next move.
-MW
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