Baxia Markets
July 29, 2021

Silver starts recovery

technical analysis top header -01

XAGUSD managed to reverse the breakout on the support at $24.842. The price was able to break the resistance level and aims for the next one at our 61.8% Fibonacci retracement. The technical conditions are there for the precious metal to continue its uptrend and revert the general trend.

The Bollinger bands are wide, which will bring higher volatility to the markets; the price was trading below the lower band, which is one of the reasons why we see a rebound; the price was considered relatively low.


Silver July 28th 2021

The relative strength index almost entered an oversold status. Still, traders reacted before this could happen. Many anticipated the price starting to go up and decided to close their short positions safely, allowing buyers to take control of the price; at least momentarily, we will have to wait and see how much further the boost from the buyers can push the price.


Our parabolic SAR indicator suggests that the price will continue to fall in the following sessions, but this is a lagging indicator, and it takes some time for it to change.


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.


Open Live Account  


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. 

Subscribe by Email