XAGUSD: Trendline Resistance

XAGUSD, Daily

Silver broke below the trendline and was retested around the 30.20 resistance level. While the RSI indicates oversold conditions, the resistance zone remains a tough barrier for the price to overcome.

If the price breaks above the trendline and 30.20 resistance, it will propel to the 32.20 level;
However, if the retest fails, Silver may retreat toward the 28.80 support level.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul

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