XAGUSD Rebounding on the 1W MA50. Buy.

Silver (XAGUSD) gave a solid rejection at the top of the long-term Channel Up (see chart below) when we last looked into it on July 21 2023:


The price hit on Thursday the 1W MA50 (red trend-line), which gave the previous short-term rally in mid-August. As long as it holds (closes weekly candles above it), we expect a similar rebound, thus turning bullish targeting the Lower Highs trend-line at 24.600. Only a closing above the 0.618 Fibonacci retracement level can justify further buying into a rally. In that case the long-term target will be 26.935 (Resistance 2).

Notice the 1D RSI Rectangle formation, solid buy low/ sell high trades can be made within it.

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