Xag/usd Stays Depressed Below $28.00 Inside Weekly Rising Wedge

Xag/usd Stays Depressed Below $28.00 Inside Weekly Rising Wedge

  • Trade Ideas
  • Commodities
  • 2021, 10 June

Brief:

Silver (XAG/USD) prices remain pressured, consolidating of late, around $27.70, during the early Asian session on Thursday. In doing so, the commodity remains inside the bearish chart formation, rising wedge, while faking the previous resistance line breakout.

The white metal pierced a downward sloping trend line from June 01 before reversing from $28.00. The pullback moves join the indecision condition of the MACD to keep sellers hopeful.

However, a clear downside break of the bearish formation’s support line, near $27.55, becomes necessary to recall the $27.00 threshold to the chart.

During the fall, 61.8% Fibonacci retracement of May 13-18 fall near $27.50, 200-SMA level of $27.36 and an ascending support line from May 13, close to $27.05, will entertain the silver bears.

Meanwhile, sustained trading beyond $28.00 will need to cross the stated wedge’s upper line, at $28.10 by the press time, to convince the silver buyers. Though, $28.20 and $28.35-40 could probe the quote’s further upside before directing the metal prices to May’s top near $28.75.

Suggestion:

Sell below 27.87 for 27.48 and 27.35

Else

Buy above 27.87 for 28 and 28.10

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