Jun 21 2018

Silver (XAGUSD)- Symmetrical Triangle on Daily Chart

Silver(XAGUSD):- The metal is trading within a range of triangle from September 2017 to present. Take a look at below daily chart of Silver, the peaks and bottoms of the triangle are getting converged – which denotes the formation of a Symmetrical Triangle. In a general practice the outcome of Symmetric triangle is unpredictable, until unless it is not giving any confirmed breakout on either side. Though in the present scenario the price action is hovering within triangle range, and currently has reached close to its support zone. We are expecting a pull-back in the metal towards its upper resistance –  which stood at $17.00 mark. Slow Stochastic is trading in its oversold territory and 14-Day Relative Strength Index is also attempting to test the oversold region, both the indicators are suggesting the price to reverse soon. Convincing break below the trend-line support, will negate the above view.