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06.06.2024 05:19 PM
Silver (XAG/USD) is trading around 30.46 above the 21 SMA and inside the downtrend channel forming since May 28.
Yesterday after reaching the 200 EMA area around 29.40, silver made a strong technical rebound until reaching the top of the downtrend channel but failed to break.
Technically, silver is located above the psychological level of $30.00. So, we believe that if it continues to trade above this area it will extend its rise.
A sharp break of the bearish channel could occur and we could expect the instrument to trade above 7/8 Murray so that the price could reach 8/8 Murray around 31.25 and even the May high at about 32.20.
Conversely, if silver falls below the psychological level of 30.00, it has key support at 29.68 and the 200 EMA around 29.35.
Our trading plan for the next few hours is to buy silver above 30.00, with targets at 30.46 and 31.25. The eagle indicator is giving a positive signal which supports our bullish strategy.
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