The price of SILVER (XAG/USD) rebounded from the resistance around 15.50 and again turned to support at the level of 15 dollars per ounce. As you can see in the daily chart below, the price has tested this level several times since March 28.
During yesterday’s session, a bullish pin bar was formed on the chart, which breaks through the level of 15.00 and reaches the expansion of 61.8% of the last downward impulse. An increase in quotations as a result of this pattern and overcoming the downward trend line below will open the way to move in the direction of 15.50 and then to resistance at 15.76.
Alternatively, closing the daily quotations under yesterday’s pin bar will reveal the level of 14.75. At this level, the quotations were closed on 24 December last year, before the escape gap occurred. Moreover, this level had previously worked very well in the role of resistance.
