SILVER (XAGUSD): Important Resistance Ahead! Your Plan
SILVER is currently testing a significant area where a daily horizontal resistance meets a descending trend line. Depending on how the price reacts to this zone, there are two possible scenarios.
In a bearish scenario, traders should look for a 4-hour candle to close below the resistance level on a 4-hour timeframe before selling the market. If an engulfing candle forms and closes below 30.65, a bearish trend towards the 30.00 psychological level is anticipated.
On the other hand, in a bullish scenario, watch an inverted head and shoulders pattern on a 1H time frame.
30.92 is its neckline.a breakout above the highlighted blue area and an hourly candle closing above it would signal a strong bullish move with potential for further upward movement.
Important fundamental news expected today could act as a catalyst for a breakout in either direction.
In a bearish scenario, traders should look for a 4-hour candle to close below the resistance level on a 4-hour timeframe before selling the market. If an engulfing candle forms and closes below 30.65, a bearish trend towards the 30.00 psychological level is anticipated.
On the other hand, in a bullish scenario, watch an inverted head and shoulders pattern on a 1H time frame.
30.92 is its neckline.a breakout above the highlighted blue area and an hourly candle closing above it would signal a strong bullish move with potential for further upward movement.
Important fundamental news expected today could act as a catalyst for a breakout in either direction.
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