Note: This section contains information in English only.The bias towards silver is positive. Since the UK referendum the precious metal has gained 17.5% amid the risk-off sentiment, and it is well-positioned to continue the advancement. For one, XAG/USD formed a triangle, a pattern that implies resumption of the latest recovery. In addition, support at 20.10 is reinforced by the trend-line that was established on June 28, and a majority of technical indicators is pointing upwards. Once 20.30/20 is out of the way, the target will be 21.60/45, where the July 2014 high is joined by the weekly R2. Nevertheless, we must note that that the metal is overbought (75% of positions are long), meaning there could be a bearish correction before a rally.
Thu, 07 Jul 2016 07:07:39 GMT
Source: Dukascopy Bank SA