Oct 11 2018

Silver XAGUSD on correction stage

As we have seen consistent fall of silver from 17.30 to current (13.92) there might be a correction at this point of time because of technical reasons.

In weekly chart, Prices trending downside. According to analysis a correction is pending for that consistent fall, price action is deviated from moving average and is expected to test back the averages. MACD is giving a bullish crossover where MACD and Signal line both are in oversold situation.

In terms of RSI which is now at 32.60 and heading upside.

Talking about Stochastic (momentum oscillator used to compare where prices closed relative to its price range over a given period of time), Crossover Of K over D is on the bullish track.

After the Breakout of Descending Triangle, prices already broke Support level so it is the time when the Support level is converted into Resistance zone.

Forecast- on the initial stage, Target for Silver is to touch 15.60 and the Stop Loss will be 13.80.