Key Points

• $958.08 resistance region
• Major trend is bullish
• Approximately 2-month cycle

Prices have managed to enter into a monthly ascending channel. It has been nearly 2 months when prices slipped out of the channel to retest a support at $858. Prices began to oscillate between $858 and $902.02 as bulls struggled to break the ceiling at the later price handle. The price action displayed mesmerizing price swings lasting for about 10 trading days at a time.

The medium to long-term outlook is strongly bullish as prices attempt to reclaim the trading region which dominated trading prior to the pandemic in March. In 1Q2020 prices were trading above $958, even reaching a peak of $1041.58. Bulls might seek to challenge this peak if prices manage to close solidly above the $1000,00 price handle.

The 200 Moving Average offered strong support at the $847 handle before the price too off to break the 60 Moving Average. Currently, the 200 MA is flat possibly due to the month long consolidation. Once it turns upwards this would be a good confirmation of a strong bullish momentum. In case of a slight price retracement at $890.89 the 60 MA will provide immediate support if the bullish direction is to remain sustainable.

Daily Trends

Moving Average	Simple	Exponential
60	890.89 BUY	890.89 BUY
100	898.98 BUY	885.83 BUY
200	846.39 BUY	876.73 BUY

This year prices have been moving is a distinct 2-month cycle, and if this pattern continues we might about to witness bull wave that might last until the end of 4Q2020. 

Here are some key levels to watch when executing trades on XAGUSD.

Daily Pivot Points

Name	S3	S2	S1	Pivot Point	R1	R2	R3
Palladium	2203.85	2238.60	2279.50	2314.25	2355.15	2389.90	2430.80
Platinum	919.80	928.00	941.85	950.05	963.90	972.10	985.95
Copper	3.1264	3.1477	3.1749	3.1962	3.2234	3.2447	3.2719
Silver	22.916	23.293	23.671	24.048	24.426	24.803	25.181

Weekly Pivot Points

Name	S3	S2	S1	Pivot Point	R1	R2	R3
Palladium	2037.80	2174.10	2249.65	2385.95	2461.50	2597.80	2673.35
Platinum	799.81	824.63	859.36	884.18	918.91	943.73	978.46
Copper	3.0021	3.0493	3.1136	3.1608	3.2251	3.2723	3.3366
Silver	21.004	22.302	23.539	24.837	26.074	27.372	28.609