- Silver is ready for a breakout of the range, with a likely move higher.
- XAG / USD looks for the breakout of the ascending triangle on the 4-hour chart.
- The RSI is pointing higher above the midline, supporting the bullish view.
The price of silver (XAG / USD) is moving higher, trying to break its range seen in the last week, as the bulls return to the game looking to regain the $ 23.00 level.
The sharp decline in the US dollar across the board has contributed to the rise of the white metal, denominated in dollars.
Looking at silver’s four-hour chart, the price has been moving within an ascending triangle pattern since October 3, now targeting the pattern hurdle at $ 22.81.
The price of silver has managed to find a strong foothold above the powerful support at $ 22.59, where the 21- and 50-period moving averages intersect.
The RSI is moving above the center line, supporting the bullish view.
A four-hour candle that closes above the horizontal resistance of the trend line at $ 22.81 will confirm an upside breakout of the ascending triangle pattern, aiming to test the $ 23.00 level.
The next significant barrier to the upside awaits at the 200 SMA at $ 23.15.
Silver 4 hour chart
On the other hand, the rejection at the trend line hurdle could attract sellers, pushing the price of silver down towards the aforementioned strong support at $ 22.59.
The 100 SMA at $ 22.49 will be threatened if the downside momentum gains traction.
Lower down, the trend line support at $ 22.37 will be the last line of defense for the silver bulls.
Silver additional levels
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