XAG/USD 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Led by an ascending triangle, XAG/USD lost volatility to rising upside potential which we expect to be expressed with a close above the 17.82 supply area. Following several confirmations of the bottom trend-line, the pair is attempting the 17.63 level, and we look for it to eventually push through, opening up 17.68 for tests. Two more levels – 17.77 and 17.79 will cause some more distraction on the way, and could extend the surge flatter so that a close above could be accomplished in very late October. With 74% of the SWFX traders buying silver, we have some evidence that the soar could be battled by pressures from the upside pushing the pair towards equilibrium, with downside movements limited by 17.58.
© Dukascopy Bank SA
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