XAG/USD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Silver keeps trading within the channel we found on Monday. Since then, XAG/USD has confirmed the support trend-line, and now the metal is in the process of forming another bullish wave within the upward-sloping corridor. The pattern implies a rally towards 18.80/77, namely the monthly R2 and the upper edge of the emerging channel. The positive bias is further strengthened by the indicators. However, our main concern regarding the ability of the metal to continue appreciating is the price's proximity to the 2015 high at 18.50. The recent attempt to break this level has failed, and it is noteworthy that the market is overcrowded with bulls—74% of all positions are long.
© Dukascopy Bank SA
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