- Silver bulls are picking up pace ahead of the next move up.
- XAG / USD has achieved a descending wedge breakout on the 1 hour chart.
- The 100 hourly SMA offers immediate resistance, with a bullish RSI.
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
Credits: Forex Street
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