• Vasily Trader

SILVER (XAGUSD): Weekly Time Frame Outlook

Silver is trading within 1,5 years consolidation range.

Now the price is approaching its support.

21.6 - 22.2 is the area on focus.

Be prepared for a bullish wave from that structure.

Your swing confirmation will be a bullish breakout of a major falling weekly channel

(the price is steadily falling within that for the last 4 months).

Most likely bulls will aim at the range's resistance then.

However, start protection of your position from lower levels.

First support to watch: 24.8

Bearish breakout of range's support will signify the initiation of a global bearish trend .