08.04.202110:10 Forex Analysis & Reviews: Silver Another Swing Higher!

Exchange Rates 08.04.2021 analysis

Silver (XAGUSD) has managed to jump above the downtrend line. The breakout signals that the rate may increase in the coming period.

As you can see on the H4 chart, the price has retested the broken downtrend line, dynamic resistance, confirming it as a support, downside obstacle.

Now is trying to stabilize above the 25.276 former high which could signal strong buyers and could bring a new opportunity.

Trading Conclusion!

Increasing further and reaching 25.500 psychological level is seen as a buying opportunity. The Stop Loss could be hidden below 23.852 lower low.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert
InstaForex Group © 2007-2021
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