Feb 04 2019

Silver(XAG)- time to retrace back

Silver (XAG):- An article shared on 24 Dec 2018 with a title ” Silver (XAGUSD):- Likely To Test $16 Mark” has worked well as what we had expected – Silver made a high of 16.16 to a US Dollar on 31 Jan 2019.

What’s Now over charts- Analysed on a daily chart (earlier the analysis was done on weekly chart), a confused state of candlestick (Rickshaw man Doji)is formed on the top of upward sloping range. After a cautious signal of Rickshaw man Doji, next day ends with a strong bear candle, which justified the reversal. Price divergences are visible both in MACD (5,35,5) and RSI (14 days) – a crossover between MACD and signal line is also there, signals a possible downturn. Immediate support of 200 day simple moving average is coming at around $15.00 – 15.25, which seems to be a possible target range.