- Silver prices are virtually unchanged Thursday amid weakened market conditions due to the Thanksgiving holiday in the United States.
- XAG / USD has been consolidating within a short-term pennant for the past two days around a longer-term bullish trend.
Silver prices (XAG / USD) They trade virtually unchanged on the day just above $ 23.30. The precious metal is far from extremes; earnings were capped at $ 23.50 Thursday morning, but buyers were ahead of $ 23.20. That marks two days now that silver has failed to rise above $ 23.50. Thursday’s consolidated price action dovetails with a broader sense of market calm with US entrants largely absent due to the Thanksgiving holiday.
XAG / USD Consolidates Within Short-Term Pennant While Testing Long-Term Bullish Trend
Silver spot prices are in the process of forming another short-term pennant structure, with the upper bound as a downtrend linking the highs of the Asian session on Tuesday with the highs of Wednesday and Thursday. The lower bound is an uptrend linking the lows on Wednesday and Thursday.
Should the short-term silver pennant break lower, this would likely coincide with a breakout of Thursday and Wednesday lows of around $ 23.20 and $ 23.10 respectively, and that would open a test of weekly lows just around the corner. below the psychological level 23.00 $.
It’s also worth noting that silver is also currently consolidating around an uptrend linking September and October lows at $ 21.68 and $ 22.60, respectively. A move like the one described above would signal a breakout at this longer-term trend line and bring these October and September lows into the equation as the most important downside levels to watch out for over the next several weeks.
On the contrary, in the bullish scenario where this long-term uptrend is sustained and eventually leads to a short-term breakout of the silver pennant, the most immediate resistance level to notice would be the November 19 low at $ 23.69. . Beyond that, the door would be open for a return to the psychological level of $ 24.00, and then a possible test of the 21- and 50-day moving averages near $ 24.20.
8 hour chart
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
