Silver XAGUSD Chart Technical Outlook set to shine toward $25.50
The daily chart highlights the commodity building a Bat formation. This will be completed close to $25.55. We are currently assessed as being in the choppy and unpredictable BC leg to the downside. We have seen mixed and volatile trading for the last 10 days.
This lack of clear direction has formed a corrective channel on the intraday chart. This could also be seen as a symmetrical triangle. On a break of the trend of lower highs at $23.54, the measured move target is $25.48. Trendline support is located at $22.31.
Conclusion: the medium-term bias remains bullish. The prime long entry level is at $22.31. I would then look for an impulsive move to the upside toward the cypher pattern completion that’s $25.55.
Resistance: $23.54 (lower highs), $25.48 (measured move), $25.55 (Bat)
Support: $22.60 (higher lows), $22.43 (swing low), $22.31 (channel base)
