XAG/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite massive volatility seen last week, silver stayed below 18.40 and above 17.20 dollars. This is a strong case in favour of the emerging ascending channel, which is a part of the bullish wave within the broadening wedge observed in the daily chart. A positive outlook is further reinforced by the technical indicators, meaning we should soon see the price launching an attack on the 2015 high at 18.50, while demand at 17.40 is ensured by the monthly R1 and the lower bound of the channel. An argument against a prolonged recovery of the precious metal is the fact that it is overbought—74% of open positions are already long, which implies that a substantial increase in demand is highly unlikely.
© Dukascopy Bank SA
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