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Early in the American session, Silver is trading around 30.45, above the psychological level of 30.00, and above the 200 EMA under strong bearish pressure.
Silver is trading within a bearish trend channel, but during the European session, it reached the bottom of this channel, which shows that it has found good support. We could expect a technical rebound in the coming hours.
XAG/USD is consolidating above 30.32. It could rise until reaching the 21 SMA located at 30.76. Once this level is surpassed, the metal could reach the daily R_1 around 31.76. Finally, it could reach the top of the downtrend channel at 31.80.
On the contrary, if silver settles below 30.10, we could expect it to fall towards the daily S_2 located at 29.79. The price could finally reach the first weekly support located at 29.04.
Our trading plan for the next few hours is to buy above 30.30 as the eagle indicator has reached the oversold zone and there is likely to be a technical bounce in the coming days. This will be seen as an opportunity to buy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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