Usd/jpy Price Analysis: Extends Pullback From 10-dma Towards 129.00
2022, 18 May - Forex
Weekly: Xag/usd Teases $26.00 Inside Weekly Bearish Pennant
Brief:
Silver takes a U-turn from intraday high to $26.10, up 0.08%, amid Monday’s Asian session. In doing so, the white metal remains inside a bearish pennant chart pattern while also justifying the U-turn from 50-SMA.
Considering the recently easy MACD histogram, coupled with the metal’s sustained trading below short-term SMA, silver is likely to confirm the bearish chart formation with a downside break of $25.99.
Following that, the monthly low surrounding $25.55 and March bottom around $24.80 will be in the spotlight ahead of the theoretical target near the yearly trough surrounding $23.75.
On the flip side, the formation’s resistance line close to $26.15 and the 50-SMA level of $26.22 guard the commodity’s short-term advances.
It should, however, be noted that a sustained rise past $26.22 will aim for a two-week-old resistance line near $26.85, a break of which should recall the silver bulls aiming for $28.00
Further weakness expected
Suggestion:
Buy above 25.50 for 28.50 and 30
Else
Sell below 25.50 for 23.75 and 21.85
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