Forecasting Silver Prices Amidst Technical Signals
Solid ECN—Silver trades an uptrend above the 50% Fibonacci retracement level. The XAG/USD pair is currently experiencing a pullback from the $28.7 resistance, trading at about $28.3.
Silver's primary trend remains bullish if the price stays above EMA 50 and the 50% Fibonacci level. However, the awesome oscillator shows divergence, which could cause the trend to reverse or step into a consolidation phase.
From a technical standpoint, if the price falls below the ascending trendline, the decline that began at $28.7 can extend to EMA 50 and then to the 38.2% Fibonacci level.
Conversely, bulls must push the market to close above the $28.7 resistance for the uptrend to resume.