XAG/USD 1H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Regardless of silver struggling to regain bullish momentum near the October 2015 high, our outlook on the metal is bullish. Demand is building up, and this is evidenced by the ascending triangle that formed following the rally in the first half of April. At the same time, the technical indicators are mostly pointing upwards, further increasing the upside risks. Once above 16.40, XAG/USD is to target the weekly R1 at 16.63, while in the long run it could aim for 17.80, namely the highest level since May 2015. Alternatively, should the price close under 16.17/15, another support is at 16.03/00, represented by the daily S2 and weekly PP, followed by the 200-hour SMA 15 cents lower.
© Dukascopy Bank SA
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