Silver registered a strong growth lately, so right now is into a small correction. A temporary decline was somehow expected after jumping above strong upside obstacles. The commodity is trading in the red at 24.108 at the moment of writing far below 24.486 today’s high also because the United States Unemployment Claims indicator has reported better than expected data.
Still, technically, the current drop could be only a temporary one, XAG/USD could resume its growth anytime again. Actually, the retreat could help us to catch a new upwards movement.
XAG/USD Technical Analysis!
As you can see, XAG/USD jumped above the ascending pitchfork’s upper median line (uml) and above the 150% Fibonacci line which represented strong upside obstacles. Now it could test and retest these levels before jumping higher.
Stabilizing above the upper median line (uml) and making a new higher high could activate further growth. Technically, the breakout above the 150% was seen as a bullish sign.
Note: ForexSchoolOnline is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.