- Silver and Gold testing falling trendlines. Could be building foundations for bullish trends
- Silver key resistance at 31.00
- Gold key resistance at 2,368
- Platinum still need to break 1,015 to establish bullish move
- Palladium broken trendline and established bullish trend with potential to 1,100-1,250
- Copper might be cutting short the bearish move before testing support levels. 459 is key resistance
Silver XAGUSD seems to be "front-running" other metals (apart from Palladium - see later), so it is worth paying attention to its development.
Silver is currently testing its upper falling trendline, the upper part of the cloud, and the 0.382 retracement at 30.08.
The strength indicator RSI is still showing positive sentiment and no divergence and has closed above its upper falling trend, indicating Silver is likely to push higher. If RSI closes back above the 60 threshold, it will further strengthen the technical picture.
A Silver break above its upper falling trendline is likely to lead to a rally to the 0.618 retracement at 31.00.
A close above 31.00 will pave the road towards the previous peak around 32.52, with resistance at around 31.60. If Silver closes above the previous peak, there is no strong resistance until around the 35 area.
For Silver to resume its downtrend, a daily close below 28.55 is required.