XAGUSD Ready for a Major Move After Breakout!

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Introduction
Silver (XAGUSD) has been a fascinating asset to watch, especially for long-term traders. After a prolonged consolidation period of 200 weeks, the recent breakout has caught the attention of many market participants. This analysis delves into the potential bullish scenario unfolding for XAGUSD, supported by multi-timeframe technical insights.
Weekly Timeframe Analysis
After 200 weeks of consolidation, XAGUSD has finally broken out of its range with a powerful bullish candle that ticks all the boxes for a breakout (large size and full body). Last week’s pullback sets the stage for further upward movement this week. If XAGUSD manages to close above 31.631 this week, we could see a move similar to the previous bullish wave, targeting a high of 41.
But let’s not forget the key resistance at $35 on the way up!

Daily Timeframe Analysis
The price is riding a curved trendline, consistently making higher highs and higher lows, which confirms the bullish trend. Given this upward momentum in the higher timeframe, breaking above the yellow line on the daily chart could pave the way for a long trade aiming for 32.15.
An RSI close above 56.68 will provide additional confirmation of the bullish momentum.

4-Hour Timeframe Insight
Currently, the price is correcting within a descending channel and has reached the top of this channel. Given the bullish momentum in higher timeframes and the strong momentum of this 4-hour bullish wave, along with the RSI nearing the overbought zone (potentially causing FOMO), there is a high probability of an upward breakout.
If the channel is broken with a strong candle on the 4-hour chart, I expect the price to move upward by the width of the channel, targeting the daily resistance at $32.
Conclusion
XAGUSD is showing significant bullish signals across multiple timeframes. The weekly breakout, daily higher highs and higher lows, and the potential 4-hour channel breakout all point towards a strong upward move. Traders should keep an eye on the key levels mentioned and watch for confirmations such as the RSI close above 56.68. With a possible target of 41 in sight, silver could be poised for a major rally. Stay tuned and trade wisely!
Disclaimer
This analysis is for informational purposes only and does not constitute financial advice. Please conduct your own research and consult with a professional financial advisor before making any trading decisions.