Silver prices are down greater than 10% off the September highs with XAG/USD buying and selling in a variety just under a importa
Silver prices are down greater than 10% off the September highs with XAG/USD buying and selling in a variety just under a important resistance stage we’ve been monitoring for months now. These are the up to date targets and invalidation ranges that matter on the Silver weekly value chart. Review my latestWeekly Strategy Webinar for an in-depth breakdown of this setup and extra.
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Silver Worth Chart – XAG/USD Weekly
Chart Ready by Michael Boutros, Technical Strategist; Silver on Tradingview
Notes: In my final Silver Price Outlook we famous that XAG/USD was “testing uptrend resistance round 18.37/65 – a breach / shut above this area is required to maintain the broader long-bias viable… search for proof of value exhaustion up right here.” Worth registered a excessive at 19.64 within the following days however was unable to mark a weekly shut above the 18.37/65 resistance zone- a area outlined by the 61.8% retracement of the 2016 decline and the 2017 swing-high.
The technicals are messy right here however for now, the main focus is on two foremost zones of help at 16.97 and extra importantly 16.33/51 – each ranges of curiosity for doable exhaustion / long-entries IF reached. A topside breach / shut above 18.65 is required to mark resumption with such a situation once more concentrating on the higher parallel / 78.6%…