XAGUSD $26.40 Important

Silver is gaining upside momentum after staging a strong weekly recovery alongside gold and rallying above last weeks high. A bearish head and shoulders pattern has now been invalidated, following Wednesday’s sudden move above the $26.40 level. According to the overall size of the invalidated pattern, the price of silver could be headed towards the $27.20 area.

XAGUSD is only bullish while trading above the $26.00 level, key resistance is found at the $26.40 and the $27.20 levels.

If XAGUSD trades below the $26.00 level, sellers may test the $25.50 and $25.00 support levels.

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