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Is XAG / USD preparing for a rally towards the $ 26 level?

Silver (XAG / USD) is testing the resistance of the downward sloping 100 hourly moving average at $ 24.45, awaiting a strong catalyst in US retail sales data for a sustained break above This region.

Acceptance above this level will trigger a further rally towards the target of the falling wedge pattern just above the $ 26 level.

The white metal confirmed a bearish wedge breakout on the 1-hour chart during the previous American session and has been consolidating the rebound from a decline to $ 23.60 levels ever since.

On their way to the $ 26 level, the bulls could face stiff resistance at the October 12 high of $ 25.56.

The RSI on the 1 hour chart is moving above the midline at 58.70, allowing for additional gains.

On the other hand, strong support is seen at $ 24.25, the confluence of the horizontal 200-hour SMA and the bullish 21-hour SMA.

Below that level, the pattern’s resistance support could be tested, now at $ 23.89.

XAG / USD 1 hour chart

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Credits: Forex Street

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