XAG/USD moves somehow sideways in the short term accumulating more bullish energy. Still, it remains to see if the commodity resumes its growth only because the Dollar Index is very strong in the short term.
As you already know from my analyses, when the DXY grows, personally, I don’t want to go long on Silver. The price action printed a potential symmetrical triangle. A valid upside breakout could confirm an upside continuation.
Surprisingly or not, XAG/USD rallied in the short term even if the US ISM Services PMI increased unexpectedly from 61.7 to 61.9 points, the specialists expected a potential drop to 59.9.
Silver Technical Analysis!
Silver (XAG/USD) registered a false breakdown from the minor triangle pattern, so an upside breakout is favored. It challenges the ascending pitchfork’s median line (ml) and the triangle’s resistance.
Registering a valid breakout above these obstacles could signal further growth ahead. Personally, I believe that a new higher high could really activate an upside continuation. Technically, a temporary decline was expected. The price has tested and retested the broken downtrend line. Failing to reach and retest the weekly pivot point announced strong buyers.
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