- Spot silver remained well supported above $ 26.00 on Friday.
- XAG / USD has been consolidating with a bearish pennant in recent weeks, which implies that a bearish breakout is very possible.
Silver Spot Prices (XAG / USD) they have risen slightly on the last trading day of the week and have, for the most part, held well above $ 26.00 in the last few hours. On the day, it seems that spot silver is going to close up around 0.6% or a little more than 15 cents, which means that in the week it will have gained around 1.2% or around 30 cents.
Importantly, at least from a technical standpoint, this week’s price action has confirmed that spot silver is consolidating within a bearish pennant; On the upside, an uptrend linking the March 4, 11 and 18 highs has been restricting price action, while on the downside, an uptrend linking the March 5, 12, 18 and 19 lows has been supporting price action. Typically, these structures occur when an asset is consolidating after recent losses, with a downward break of the flag acting as a sell signal for a further decline; Such a sell signal could be triggered by a break below $ 26.00 and could open the door for a drop to the monthly lows at $ 25.00.
Technical levels
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