XAG/USD faces significant resistance
Following a mediate-term decline that ended in early July, XAD/USD started to trade in an ascending channel. Its highest peak was reached on September 8 when the pair tested a four-month high at 18.18. Subsequently, another pattern—a falling wedge—was formed.
Given the narrow range of the latter, it might be assumed that a breakout is likely to occur in the upcoming hours. Descending wedge is generally a bullish pattern that is formed as a minor correction against the overall up-trend. Taking this into account, Silver should push north even before reaching the lower channel boundary.
Technical indicators demonstrate that the rate should remain relatively stable both on daily and weekly time-frames, thus breaching the wedge to the upside. However, the 55-, 100– and 200-hour SMAs must be surpassed to realise the above scenario.
Given the narrow range of the latter, it might be assumed that a breakout is likely to occur in the upcoming hours. Descending wedge is generally a bullish pattern that is formed as a minor correction against the overall up-trend. Taking this into account, Silver should push north even before reaching the lower channel boundary.
Technical indicators demonstrate that the rate should remain relatively stable both on daily and weekly time-frames, thus breaching the wedge to the upside. However, the 55-, 100– and 200-hour SMAs must be surpassed to realise the above scenario.
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