Silver XAGUSD Chart Technical Outlook has a chance to shine DXY (the USD Index) completed a one-hour bearish BAT formation at 102.36.
The six-hour chart highlights an Expanding Wedge formation. With the trend of higher lows located at the same level as bespoke support, 101.47 could be a substantial downside barrier.
On a clear break of this support zone, the measured move target is 99.10.
Using correlation, Silver has an upward bias.
Silver – although the commodity clearly broke through the bespoke support zone at $23 -22.97, the dip has been bought close to the 261.8% extension level of $22.61. Various time frames have posted bullish Outside Candles through the Asian session. These formations highlight investors’ willingness to ‘buy on dips’.
Conclusion: although there is scope for further mild selling toward the 261.8% extension level of $22.61, the medium-term focus is on the upside. The first intraday barrier is located at $23.70.
