XAG/USD Technical Analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
XAG/USD chart displays a strong short-term bullish reversal following a prolonged downtrend from May's peak near 80.000 to a July base around 55.000. After an accumulation phase that successfully defended the major support level near 57.000, strong buying pressure has driven the price up to 63.486 (+2.86%) with strong, expanding green candles. The immediate objective for the bulls is to test the key resistance level around 66.500, with a clear breakout opening the door toward 70.500, whereas a rejection could prompt a pullback to retest support around the 60.000 mark.



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