Happy Friday, dear traders. Today, we have technical analysis and trading signal for the XAGUSD market. Let’s delve into the analysis without wasting any time.
XAGUSD Trading Signal| XAGUSD Market Technical Analysis by Guriforex for last Friday of September 2024:
On the daily chart, XAGUSD (Silver) continues to ride a solid bullish trend, now facing a significant challenge at the 32.00 resistance, which marks the all-time high (ATH) for Silver. This is a critical level to watch as it could either lead to a major breakout or a reversal.
At the same time, the DeMarker indicator is showing an overbought condition, which hints at potential bearish sentiment creeping into the market. This divergence between the price action and the indicator suggests caution for those expecting a continued rally.
🔍 Key Scenarios to Watch:
- Bullish Breakout: If the bulls manage to push the price above the 32.00 resistance, the next target is set at 36.20, aligning with the 161.8 Fibonacci extension. This move would confirm a continuation of the bullish trend, and Silver could gain significant upward momentum.
- Bearish Rejection: Alternatively, if the price bounces off the 32.00 resistance, a correction could be in play. In this case, we could see Silver dropping to 30.30, which coincides with the golden Fibonacci pocket. This retracement level could provide strong support, but a failure to hold here might trigger further downside.
📊 Technical Summary:
- Resistance: 32.00 (ATH)
- Bullish Target: 36.20 (161.8 Fibonacci)
- Support Levels: 30.30 (Golden Fibonacci Pocket)
💬 What’s Your Take on XAGUSD? Do you think Silver will break through the 32.00 resistance and rally further, or will it face a correction back to 30.30?
Share your thoughts in the comments and let us know your trading strategy!