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Silver price could finally break the $23.59 resistance level

By: Invezz
XAG/USD trading strategy
  • Buy/sell asset: Buy XAG/USD
  • Entry price: $23.59
  • Stop loss: $23.15
  • Leverage: 1x
  • Take profit 1: $23.80
  • Take profit 2: $24.10
  • Take profit 3: $24.80
  • Timeframe: 1-2 weeks
  • Maximum profit: 5.6%
  • Maximum loss: 1.4%
XAG/USD chart and technical analysis

Silver has attempted 4 times to break the $23.59 resistance bearer in the last two months. However, the price was not able to close above that level.

Price once again is attempting to close above this level after it failed yesterday. I am expecting the price will break above the $23.59 resistance level this time as the price has already made minor support around $23.48.

I am expecting the price of silver will once again attempt to retest the $23.59 resistance level and will retrace back to the $23.48 minor support level before breaking the $23.59 resistance level.

I will enter for a long trade if silver closes above the 23.48 support level and my target for this trade would be $24.80.

Silver fundamental analysis

There is high-impact news on USD regarding the jobless claims, if that turns out positive then it will strengthen the US dollar and will push the price of silver down. On the contrary, if the data turns out negative it will push the price of silver upward as anticipated.

Silver to US dollar trade idea takeaways
  • ¬†Silver is likely to break the 23.59 resistance level this week.
  • The price will possibly reach the $24.8 resistance level in the coming days.
  • Multiple take-profit levels have been added to secure profit along the way.
  • The risk-to-reward ratio on this trade is 1:4.
  • The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
  • Good luck!

The post Silver price could finally break the $23.59 resistance level appeared first on Invezz

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