FX.co ★ XAG/USD, SILVER

Silver Price Action: We are now discussing how to evaluate the price action of silver. We see new highs on the XAG/USD chart as the new trading week begins. Sellers made a major effort to buck the negative trend in the early hours of the Asian session. The price is now hovering at 57.026. It doesn't really matter whether this level is reached today or tomorrow; the general mood is bullish, and it doesn't seem probable that this trend will change over the course of the week. Since the market began, silver has not moved much. It hasn't been very successful yet, despite the initial attempt at expansion. The RSI is nearly neutral and moves slightly higher, while the stochastic indicator points downward. This implies that although more increases are conceivable, a retreat may be more likely. I expect a little downward adjustment at the very least. We'll then see whether this correction develops into a more substantial fall. If the price does decline, it can first go toward the middle Bollinger band, which is in the 56.166–56.026 area, and the moving average (MA) pair. After that, we'll determine if the price can break below one of these lines or whether it will rise again. The lower Bollinger band, which is now at 55.186, may be the next target if the fall continues. With a key level at 56.779, I'm using the parabolic indicator for analysis on the H1 time frame to spot trend shifts. The most recent candle ended at 57.065. The signal is always the same: a purchasing opportunity, regardless of whether the Parabolic is below the close or the close is higher. Trading results may be improved by using moving averages (MA) as a filter for parabolic signals. The purchase signal is strengthened by the MA, which is now at 56.990. In line with the parabolic indicator, I will hold the trade until the stop level.