Silver (XAG/USD) is consolidating within a short-term uptrend.
Silver is consolidating within a short-term uptrend. The odds favor an eventual resumption of the bullish trend to the next upside target. Heavy-duty support at around $30.00 could provide a springboard for reversal higher. Silver is consolidating within a short-term uptrend. Although it is currently pulling back it will probably find support and eventually resume its uptrend.
Silver 4-hour Chart Despite recent oscillations between the $32s and $30s Silver’s overall short-term bias is bullish and given the saying “the trend is your friend” this favors long positions over shorts. That said, in the very near term Silver could pull back down to support at around the $30.00 level – the highs of a four-year-long consolidation range. Silver will probably recover eventually and climb back up to retouch the $32.51 high.
XAGUSD Technical Analysis Silver
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