Baxia Markets News

Silver consolidates the price close to $26.05

Written by Baxia Markets | Jul 1, 2021 9:00:00 AM

XAGUSD has been moving sideways for ten trading sessions now. The price broke the 50% Fibonacci retracement almost two weeks ago; this often indicates a change in the trend; however, the price seems to be consolidating close to the $26.05 price line.

The price is struggling to break the resistance at $26.271, but the conditions are set for the precious metal to make another breakout attempt. The relative strength index dropped to 31%, and the markets started reacting; it is currently at 41% with hopes of continuing to rise.

 


The Bollinger bands are very wide, and this will bring higher volatility to the commodity. The price trades closer to the lower band but not close enough to be considered relatively low. Our parabolic SAR indicator suggests that the pair will continue its downward trend. The short and long-term moving averages made a cross five trading sessions ago, but the price managed to stay within the same price range.

 

We love to hear new ideas from traders and want to know what you think! 

 

If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.

 

 

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 

 

Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.