Silver XAGUSD Chart Technical Outlook, Silver sellers to focus on $23.73
Yesterday’s price action saw sellers return close to $25.00. Follow-through bearish momentum resulted in an inverted Hammer on the daily chart. This candle formation is negative for short-term sentiment.
We have medium-term support located at $23.73. We look for this zone to be the focus for the correction to the downside.
It should be noted that the monthly chart highlights an Expanding Wedge formation. This has a bias to break to the upside. The medium-term trend is bullish.