XAG/USD eyes ascending triangle breakout above $22.80

  • Silver is poised for a range breakout, with an upside move likely.
  • XAG/USD looks for an ascending triangle breakout on the 4H chart.
  • RSI points north above the midline, supporting the bullish view.

Silver price (XAG/USD) is breaking higher from its prison range seen over the past one week, as the bulls are back in the game, looking to recapture the $23 mark.

The sharp pullback in the US dollar across the board amid readjustment of the positions has collaborated with the upside in the USD-denominated white metal.

Looking at silver’s four-hour chart, the price has been trading within an ascending triangle formation since October 3, now aiming for the pattern hurdle at $22.81.

Silver price has managed to find a strong foothold above the powerful resistance at $22.59, where the 21 and 50-Simple Moving Averages (SMA) intersect.

The Relative Strength Index (RSI) edges higher above the central line, backing the upbeat view.

A four-hourly candlestick closing above the horizontal trendline resistance at $22.81 will confirm an upside break of the ascending triangle pattern, calling for attest of the $23 mark.

The next significant upside barrier awaits at the descending 200-SMA at $23.15.

Silver Price Chart: Four-hour chart

On the flip side, rejection at the trendline hurdle could recall the sellers, downing the rates towards the abovementioned strong resistance-turned-support at $22.59.

The horizontal 100-SMA at $22.49 will be threatened if the downside momentum picks up steam.

Further down, the rising trendline support at $22.37 will be the last line of defense for silver bulls.

Silver Additional levels

 

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