XAG/USD 1H Chart: Silver consolidates
Silver was guided by a channel down against the Greenback for four months. This prevailing pattern was breached on the last trading day of 2017, thus resulting in the formation of a bullish ascending channel.
The pair has since managed to edge slightly higher; however, its has shown reluctance to move past the 17.25 area. This demonstrates that the market is indecisive. Thus, the pair might remain near the 55– and 100-hour SMAs in this session.
Weekly technical indicators suggest that Silver is likely to depreciate during the following days. This will bring the rate closer to the lower channel boundary and 200-hour SMA circa 16.90. It is likely that this area is respected, thus resulting in a reversal and further advance.
The pair has since managed to edge slightly higher; however, its has shown reluctance to move past the 17.25 area. This demonstrates that the market is indecisive. Thus, the pair might remain near the 55– and 100-hour SMAs in this session.
Weekly technical indicators suggest that Silver is likely to depreciate during the following days. This will bring the rate closer to the lower channel boundary and 200-hour SMA circa 16.90. It is likely that this area is respected, thus resulting in a reversal and further advance.