XAGUSD is up 0.78% after previous trading day losses of more than 2.6%. The pair broke two support levels in one day. It went down to $26.627, passing the 23.6% and the 38.2% Fibonacci retracements. The second breakout did not stand. The price went back up, and on the new trading day, it has stayed above $26.852 so far.
The Bollinger bands are opening aggressively, and the price is trading below the lower band, suggesting that the price is relatively low. The relative strength index is at 44%, which will allow the price to continue its uptrend after the pullback.
Silver is breaking the four-day losing streak where the precious metal lost more than 3.9%. Price is still down 3.2% from where the pullback began, but we expect the price to continue an uptrend in the short term.
Short and long-term moving averages have not crossed and continue indicating a long-term uptrend. The price trades below these two lines as the retracement brought the price down; we don't anticipate a cross unless the pair continues falling in the next trading sessions.
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