Silver XAGUSD Chart Technical Outlook $22.97 is solid support, it is inversely correlated with DXY (the USD Index). I am looking for rallies to be sold in the index. This should result in dips being bought in Silver.
From a technical perspective, I have two bespoke support levels located at the same price of $22.97. When these indicators collide, they add weight to the support zone. The projected support barrier for the completion of the AB leg within a Crab pattern is located at $22.97.
This has resulted in $22.97 being a solid support level.
Although the anticipated move higher is corrective, the rally could be substantial.
Furthermore, with the high volatility event, US non-farm payroll, there is ample scope for spikes in either market Bias is already bullish