Silver (XAGUSD) encountered substantial volatility, with a range of over 60 pips or 2.75% in the previous session. This surge in volatility led to the expansion of Bollinger bands. Despite the uptick, prices breached the lower band, signaling a bearish sentiment. Currently, the market retraces, trading sideways and testing the mid band of the Bollinger bands. Resistance may emerge near this midline.
EMA 50, although positioned above EMA 200, exhibits a bending pattern towards the latter. This suggests a weakening bullish sentiment, with prices hovering between the two EMAs, possibly finding support at EMA 200.
Within the volume profile indicator, prices remain within the value area, indicating a lack of clear bearish trend until a breach below the value area's low at $24.00 occurs.
Both MACD and RSI indicators corroborate the bearish outlook. MACD's signal line hovers below the 0 line, while RSI struggles to surpass the 60% mark after reaching 30%.
In summary, Silver (XAGUSD) maintains a sideways trajectory with a bearish bias, as evidenced by technical indicators and price action.
- High volatility in Silver (XAGUSD) with a range of over 60 pips, expanding Bollinger bands.
- EMA 50 bending towards EMA 200, signaling waning bullish sentiment.
- Prices testing mid band of Bollinger bands, suggesting potential resistance.
- Market remains within value area, but a breach below $24.00 could signal bearish trend.
- MACD and RSI indicators confirm bearish outlook, supporting the overall sideways trend.
Forecast 0.2% vs Previous -0.1%
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