XAG/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Silver recently broke out of a large scale descending channel pattern. The break of the large scale and now defunct pattern occurred in a new long term ascending channel pattern, in which the metal's price has been fluctuating since December 15. Most recently the currency exchange rate reached the upper trend line of the long term pattern, while moving in a medium term ascending channel, which guided the surge. It is highly possible that soon a new medium term pattern will form as a result of the encounter. The hypothesis is strengthened by the fact that the commodity is already overbought, as 71% of open SWFX positions are already long.
© Dukascopy Bank SA
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