XAG/USD is forming a descending triangle with support at $32.60
The post XAG/USD is forming a descending triangle with support at $32.60 appeared on BitcoinEthereumNews.com. Silver keeps posting lower highs since peaking at $33.70 last week Recent price action is forming a triangle pattern, a bearish sign. XAG/USD: Below the $32.60-3270 support, the next targets are $32.15 and $31.70. Silver prices (XAG/USD) are showing moderate gains on Thursday, after bouncing up from the support area, at $32.60-32.70 but the broader picture remains mixed with price action contained within recent ranges. The fundamental background is unsupportive today. A US court has blocked Trump’s trade tariffs, and, although that might be positive for commodities trading, the US Dollar’s strength might keep XAG/USD rallies limited. Technical analysis: A descending triangle is a bearish pattern Silver has been posting lower highs over the last trading days, after its rejection at $33.70. Price action is showing a descending triangle, which has a potential ¡bearish outcome. Immediate support is at the mentioned $32.60-32.70 area, where the precious metals found buyers on May 22 and today. If this area is broken, the next support levels are the May 20 low at $32.15 and the May 1 and 15 lows, at the $31.70 area.On the upside, a successful break of the triangle’s top, now around $33.35, cancels this view and brings the $33.70 top back into focus. XAG/USD 4-Hour Chart Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets. Silver prices can move due to a wide range of factors. Geopolitical instability…
The post XAG/USD is forming a descending triangle with support at $32.60 appeared on BitcoinEthereumNews.com.
Silver keeps posting lower highs since peaking at $33.70 last week Recent price action is forming a triangle pattern, a bearish sign. XAG/USD: Below the $32.60-3270 support, the next targets are $32.15 and $31.70. Silver prices (XAG/USD) are showing moderate gains on Thursday, after bouncing up from the support area, at $32.60-32.70 but the broader picture remains mixed with price action contained within recent ranges. The fundamental background is unsupportive today. A US court has blocked Trump’s trade tariffs, and, although that might be positive for commodities trading, the US Dollar’s strength might keep XAG/USD rallies limited. Technical analysis: A descending triangle is a bearish pattern Silver has been posting lower highs over the last trading days, after its rejection at $33.70. Price action is showing a descending triangle, which has a potential ¡bearish outcome. Immediate support is at the mentioned $32.60-32.70 area, where the precious metals found buyers on May 22 and today. If this area is broken, the next support levels are the May 20 low at $32.15 and the May 1 and 15 lows, at the $31.70 area.On the upside, a successful break of the triangle’s top, now around $33.35, cancels this view and brings the $33.70 top back into focus. XAG/USD 4-Hour Chart Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets. Silver prices can move due to a wide range of factors. Geopolitical instability…
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