Baxia Markets News

Now This Is An Uptrend, Silver Is Up BIG

Written by Baxia Markets | May 27, 2021 1:19:12 PM

 

Silver (XAGUSD) continues it’s overall uptrend but could find a pullback in the short term. The relative strength index is at 61%, which would allow the pair to continue climbing a few more points, however, it is getting close to an overbought status. If the RSI reaches 70% we will likely see the price drop for the short term and possibly a recovery shortly after.

 

 

The market is still bullish for the long term traders. If the price continues to fall in the next sessions the metal could find support at $27.584 since that is our 23.6% Fibonacci retracement and this level often offers good support. The short and long term moving average spread continues to get wider and this is a good indicator for a long term uptrend. Our parabolic SAR strengthens these long signals as well.

 

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.