Analysis for Silver highlighting some potential support and resistance zones, both on the daily and hourly time frames to keep an eye on. Price is currently struggling to make a clear break lower of the 38.2% Fibonacci level and it is also approaching a key upward trendline that has so far held on multiple tests. A long trade for XAGUSD could be appropriate on an initial test of the trendline, others might feel a bounce would give them confirmation for entering long. MACD also appears to be turning higher which could be indicate bullish momentum for this pair. Alternatively if price breaks the trendline then be careful on entering short as support zones and the 61.8% Fibonacci lie beneath.
Let me know your thoughts and feel free to follow, Enjoy a successful week of trading ahead :)
Let me know your thoughts and feel free to follow, Enjoy a successful week of trading ahead :)