XAG/USD 1H Chart: Channel Up

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XAG/USD had been trading in a channel down for six weeks when a three-hour plunge sent Silver to the 15.20/40 area. The pair retraced back to the lower channel boundary, but continued to trade higher as bulls were able to take the upper hand and recover its previous losses. Weak US data released mid-session set Silver for a surge that breached a resistance cluster formed by the 55– and 200-hour SMAs circa 15.85. This strong momentum upwards, however, is expected to allay, thus providing some further indications of the pair’s future direction. A failure to trade higher in the upcoming hours may indicate that the junior channel or even the senior one may no longer hold.