$XAGUSD - Goes to $26

Hi guys! 👋🏻

🔔 Silver continues its uptrend since September 30, 2021 when it hit the newly lows of the year. The uptrend is backed by the FED’s tapering plan which should start in November. Despite the positive US Jobless Claims, the US Dollar index remains under pressure below the 93.7 level.

🔔 The US Dollar index is still vulnerable below the 93.7 which is a crucial resistance. The DXY chart I was posting in my previous articles still seems to be valid and the USD might drop to 92.5 - 92.4 levels to complete the expanding diagonal pattern.

🔔 As for the technical analysis, Silver on a daily chart is currently testing a resistance level formed by MA100. If XAGUSD doesn’t overtake this resistance, it might drop to $23.5 to find the next support backed by the EMA50.

🔔 RSI indicator shows signs of a correction ahead, MACD remains bullish. Hence, after a slight correction, XAGUSD may continue the uptrend up to $26 and $26.8.

✊🏻 Good luck with your trades! ✊🏻
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