XAG/SAR Currency Pair Forecast

XAG/SAR currency pair downgraded to Hold/Accumulate
(Updated on May 10, 2024)

XAGSAR 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 -2.30%. 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/SAR 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 XAG/SAR 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 $102.72 and $101.72. A breakdown below any of these levels will issue sell signals.

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

XAG/SAR finds support from accumulated volume at $104.56 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 $2.68 between high and low, or 2.55%. For the last week, the currency pair has had daily average volatility of 2.66%.

Our recommended stop-loss: $102.81 (-2.80%) (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 (XAGSAR) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect XAG/SAR to open at $106.28, and during the day (based on 14 day Average True Range), to move between $103.08 and $108.46, which gives a possible trading interval of +/-$2.69 (+/-2.54%) up or down from last closing price. If XAG/SAR takes out the full calculated possible swing range there will be an estimated 5.09% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $106.08 (0.29%) than the support at $104.56 (1.14%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is XAG/SAR currency pair A Buy?

XAG/SAR holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.495 Hold/Accumulate Downgraded

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

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