Silver (XAG/USD) has established a sequence of falling peaks and troughs on the 4-hour chart since it rolled over at the August 26 high.
Silver is in a short-term downtrend after rolling over at the late-August high. The price has found support from a key Fibonacci retracement and is oversold, indicating the risk of a correction. Silver has established a sequence of falling peaks and troughs on the 4-hour chart since it rolled over at the August 26 high. This suggests the precious metal is in a new short-term downtrend, and given that “the trend is your friend,” it will continue lower.
The Relative Strength Index momentum indicator has fallen into oversold territory, and although it is shown exiting oversold on the current bar, it is not possible to tell whether it will close that way until the 4-hour period finishes. If it does rise out of oversold it will give a buy signal and, taken together with the support from the Fibonacci retracement, could indicate a temporary bottom in the downtrend. If a correction higher unfolds it will probably meet resistance between $28.
XAGUSD Technical Analysis Silver
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