XAGUSD: 2 year Channel Up bottomed.

Silver turned oversold intra day on its 1D technical outlook (RSI = 34.341, MACD = -0.553, ADX = 36.363) but recovered as it hit the bottom (HL) of the 2 year Channel Up and rebounded. It may be under the 1D MA50 but so were the lows of October 2nd 2023 and February 12th 2024 that formed the last important bottom. In the meantime the 1W RSI hit its LL trendline, an additional bullish signal. The DT Resistance and DB Support offer a great and high probability range for sideways trading, so our recommendation is to long but contain buying under the DT (TP = 34.500). If on the other hand the candle closes under the Channel Down, short and aim for the 1W MA200 (TP = 25.600).

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