Silver (XAG/USD) continues recovering within a descending channel.
Silver is recovering within a falling channel. It has met tough resistance at the level of the 50 and 100-period SMAs on the 4-hour chart. There are bullish signs but a breakout of the channel would be a prerequisite for a more confident stance. Silver continues recovering within a descending channel. The precious metal found support at the June 26 and 13 lows . Its first attempt to break above the cluster of Moving Averages in the mid $29.
It is also a major resistance level at the top of a four-year consolidation zone. A decisive break above would indicate the start of a new short-term uptrend. A decisive break would be one accompanied by a long green up candle that broke clearly above the level and closed near its high or three green candles in a row that broke above the level.
XAGUSD Technical Analysis Silver
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