Silver May Have Space to the Upside
Gold has been rallying to new highs recently, and now some traders may think silver can play catch up.
The first pattern on today’s chart is the pair of converging lines this year. Notice how XAGUSD has been pushing against the upper line since Friday. That may be viewed as the start of a breakout.
Second, prices held a peak from late August. Old resistance becoming new support is also consistent with a potential uptrend.
Next, MACD has turned positive. Prices are also near their rising 100-day simple moving average. Those may suggest bullishness in the short- and longer terms.
Speaking of the longer term, the second chart with two-week candles shows the white metal over the last 15 years. Notice how it’s recently consolidated above its 2023 peak and is now challenging resistance from 2020 and 2021. Traders may also notice the long-term peaks near 50 back in 2011. Could there be moves toward those old levels?
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Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
The first pattern on today’s chart is the pair of converging lines this year. Notice how XAGUSD has been pushing against the upper line since Friday. That may be viewed as the start of a breakout.
Second, prices held a peak from late August. Old resistance becoming new support is also consistent with a potential uptrend.
Next, MACD has turned positive. Prices are also near their rising 100-day simple moving average. Those may suggest bullishness in the short- and longer terms.
Speaking of the longer term, the second chart with two-week candles shows the white metal over the last 15 years. Notice how it’s recently consolidated above its 2023 peak and is now challenging resistance from 2020 and 2021. Traders may also notice the long-term peaks near 50 back in 2011. Could there be moves toward those old levels?
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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