The daily chart is showing a correction upwards. The metal seems to be trading banded between the middle and upper Bollinger Band lines. The most proximate support is assumed to be 17.70, and the resistance is set at 17.95. The MACD seems to be in the positive area, the signal line is crossing the body of the histogram is being crossed by the signal line from below. Stochastic is indicating that the pair moving out of being overbought the previous period.
XAG/USD Four Hour (H4)
The four hour chart is showing the price of XAG/USD moving banded within a narrow range delineated by the outer limits of the Bollinger Bands. The MACD is moving within the positive zone lowering the metal’s volume, outside the body we see the signal line, a relatively mixed indicator. Stochastic is banded between the outer limits of the overbought and neutral.
This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.