Silver (XAG/USD) has broken tentatively above a key trendline in the $30s.
Silver breaks tentatively above the trendline, however, it is pulling back on Monday. It is broadly in a short-term uptrend which could extend higher. Silver has broken tentatively above a key trendline in the $30s. It is not clear whether the break is definitive, however, since Friday’s breakout day has been followed by a pullback on Monday which is testing the trendline.
43 would indicate a probable follow-through to $32.94. The move up from the August lows could also be characterized as a Measured Move price pattern. These are large zig-zags composed of three waves, labeled ABC. It is another characteristic of these patterns that waves A and C are usually of a similar length. This is the case with Silver. This suggests the pattern may have finished and prices could pullback, although there is no way of predicting how far.
XAGUSD Technical Analysis Silver
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