XAG/GBP Currency Pair Forecast

XAG/GBP currency pair price ended at £22.50 on Friday, after losing 0.575%.
(Updated on May 10, 2024)

XAGGBP Signals & Forecast

There are mixed signals in the currency pair today. A sell signal was issued from a pivot top point on Monday, April 15, 2024, and so far it has fallen -3.04%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). XAG/GBP gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued. The XAG/GBP currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at £21.87 and £21.65. A breakdown below any of these levels will issue sell signals.

Support, Risk & Stop-loss for XAG/GBP currency pair

XAG/GBP finds support from accumulated volume at £22.40 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This currency pair has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the currency pair moved £0.565 between high and low, or 2.52%. For the last week, the currency pair has had daily average volatility of 2.62%.

Our recommended stop-loss: £21.86 (-2.82%) (This currency pair has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 20 days ago.)

Trading Expectations (XAGGBP) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect XAG/GBP to open at £22.61, and during the day (based on 14 day Average True Range), to move between £21.96 and £23.03, which gives a possible trading interval of +/-£0.540 (+/-2.40%) up or down from last closing price. If XAG/GBP takes out the full calculated possible swing range there will be an estimated 4.80% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at £22.40 (0.44%) than the resistance at £22.66 (0.71%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is XAG/GBP currency pair A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for XAG/GBP currency pair to perform well in the short-term.

Current score: 2.233 Buy Candidate Unchanged

Predicted Opening Price for XAG/GBP of Monday, May 13, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.