XAG/USD 1H Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Silver could extend its advance, following an upward breakout from the symmetrical triangle it established late August. The pair is currently in what seems like a consolidation phase just below the triangle upper trend-line, and we expect it to surge towards the 100-hour SMA at 19.13 with a hitch at the 55-hour SMA (19.04) which capped the outburst in the first place. There are, however, several contradictions to this scenario. Firstly, the pair has established a descending channel in the daily chart, and secondly, the 100-hour and 200-hour SMA crossover sends a strong bearish signal for the pair. Making a falling scenario rather likely, the aforementioned technical factors could push the pair under the 18.87 dollar mark, the lower boundary of the triangle, to encounter major demand at 18.63. A further movement inside of the channel is likely to come until the senior uptrend around the 18 dollar mark comes about.
© Dukascopy Bank SA
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