XAGUSD is showing another bullish signal on the H4 timeframe as the price has just broken out of a prolonged consolidation zone and is currently maintaining a very nice strengthening structure above the Ichimoku cloud. After a strong surge around the 80 area, the market is likely to experience a gentle retest of the 78.2 area before continuing to rise. This is a fairly familiar price behavior after a major breakout.
In terms of news, silver is receiving strong support from the weakening USD, falling US bond yields, and expectations of a more hawkish Fed stance in the near future. In addition, money is flowing back into precious metals as the market begins to seek safe-haven assets with strong growth potential, such as silver.
On the chart, the Ichimoku cloud has shifted to a fully bullish position:
Price is above the Kumo.
Tenkan and Kijun are trending upwards.
Upward momentum is expanding very well.
If XAGUSD maintains support around the 78.2 support zone, there's a high probability that the price will continue to expand towards the 84.4 zone in the coming sessions. This is also a crucial physical area and a good target for the current uptrend.
Currently, the BUY side is still in control of the market. Regardless of whether the price remains above the breakout zone, the uptrend is still preferred over any counter-trend selling.
In terms of news, silver is receiving strong support from the weakening USD, falling US bond yields, and expectations of a more hawkish Fed stance in the near future. In addition, money is flowing back into precious metals as the market begins to seek safe-haven assets with strong growth potential, such as silver.
On the chart, the Ichimoku cloud has shifted to a fully bullish position:
Price is above the Kumo.
Tenkan and Kijun are trending upwards.
Upward momentum is expanding very well.
If XAGUSD maintains support around the 78.2 support zone, there's a high probability that the price will continue to expand towards the 84.4 zone in the coming sessions. This is also a crucial physical area and a good target for the current uptrend.
Currently, the BUY side is still in control of the market. Regardless of whether the price remains above the breakout zone, the uptrend is still preferred over any counter-trend selling.
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Signals & setups to boost your edge
Free trading plans to follow
Real-time market insights
Related publications
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.