Chart of the day

Where do we stand fundamentally?

The current trend in the XAG/USD (Silver to US Dollar) market shows a notable decline. Silver prices are struggling to maintain stability, dropping by about 1.55% as of early October 2024. This drop is driven by rising U.S. Treasury yields and a stronger U.S. dollar, which are putting pressure on silver prices

XAGUSD is testing strong support 31 previously broken upside resistance. A bounce here and a break above 31.80 resistance will lead to an extension in the third wave higher as the XAGUSD is in the cup and candle bullish formation is finishing consolidation. Invalidation of this immediate upside extension could come upon a break below 30.200.

An invalidation level of a third-wave long-term extension higher and a bullish cycle continuation is 29. As said this extension higher could lead to a 34.50 target in the medium-term to long-term if the XAGUSD breaks above 31.80 with a confirmation.

_{Try a long trade entry with a stop loss below 31 to target 32 and higher.}