Silver (XAG/USD) price has found a floor at $26.70 and is consolidating.
Silver price finds support at $26.70 but remains at risk of further weakness. It formed a pattern on the 4-hour chart after touching the top of a four-year consolidation at $30.00. XAG/USD has fallen to an initial target but is vulnerable to further declines – support is at $25.80. Silver price has found a floor at $26.70 and is consolidating. This follows a sell off that reversed the short-term uptrend after Silver was rejected by the top of a long-term range at just below $30.00 .
The signal is reinforced by the fact that MACD has been proven to be a more reliable indicator in markets that are not strongly trending, such as is the case with Silver. A decisive break below $25.80 would return Silver to inside its year-long range and possibly the lower trendline at roughly $23.00. From a bullish perspective, a decisive break above the 2021 high of $30.07 would suggest Silver was going higher, with an initial target at $32.40 where former resistance lies.
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