XAGUSD Channel Up still valid, targeting $40.500.

Silver (XAGUSD) has been trading within a Channel Up pattern since the April 07 market bottom. Right now it is consolidating with the 1D MA50 (blue trend-line) acting as Support, following the recent 1-month pull-back.

We have seen the very same consolidation pattern after every Higher High, as also shown on the 1D RSI.

As long as it holds, this is a strong buy opportunity near the bottom of the Channel Up, targeting $40.50 based on the +11.90% rise that the previous Bullish Leg did.

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