Technical Analysis: XAGUSD

XAGUSD reached a record high again

On Wednesday, XAGUSD increased by more than 6% and broke above the US$93 mark, reaching a record high again.

Geopolitical risks rose

Iran released a forceful warning that it will target US military bases in neighboring countries if the US interferes in affairs inside Iran. This statement intensified tension in the Middle East.

The independence of the Fed was challenged 

The Trump administration threatened recently to launch criminal investigation into the Fed Governor Powell, magnifying trust crisis in the Fed.

The bullish market trend prevailed

the Chart of the Day

On the chart of the day, XAGUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that XAGUSD will rise further. Investors should focus on whether XAGUSD will break through the resistance at 93.5. It will rise further with potential resistance at 100.0 if it breaks above 93.5.

4-hour chart

On the 4-hour chart, XAGUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that XAGUSD will rise further. Investors should focus on whether XAGUSD will break through the support at 85.8. It will rise if it retreats but is stable above 85.8.

Key resistance: 93.5,100.0

Key support: 85.8,83.4

Generally speaking, the bullish market trend prevailed in the short term. Investors should focus on US economic data during the day.