Silver prices are currently on an upward trend, approaching a multi-week high reached on Monday. A break above the 200-day Simple Moving Average (SMA) has shifted the market sentiment in favor of buyers. However, a significant drop below the $28.80-$28.75 level could reverse this positive outlook.
Silver catches fresh bids and remains close to a multi-week top touched on Monday. A move beyond the 200-day SMA seems to have shifted the bias in favor of bulls. A convincing break below the $28.80-$28.75 area will negate the positive outlook. Silver (XAG/USD) attracts some dip-buying following the overnight modest pullback from a near three-week high and retakes the $30.00 psychological mark during the Asian session on Tuesday.
Moreover, the technical setup now seems tilted in favor of bullish traders and supports prospects for a further appreciating move. Against the backdrop of the recent recovery from the $28.80-$28.75 area, or a multi-month low touched in December, acceptance above the 200-day Simple Moving Average (SMA) validates the positive outlook for the XAG/USD. Moreover, oscillators on the daily chart have just started gaining positive traction and suggest that the path of least resistance for the commodity is to the upside. Some follow-through buying beyond Monday's swing high, around the $30.35 region, will reaffirm the bullish bias and lift the XAG/USD beyond the $30.50 hurdle, towards the $31.00 mark. The next relevant barrier is pegged near the $31.15-$31.20 supply zone, which if cleared will suggest that the downtrend from the $35.00 neighborhood, or a multi-year top touched in October has run its course. On the flip side, dips towards the $29.50-$29.40 area might now be seen as a buying opportunity. This, in turn, should help limit the downside near the $29.10-$29.00 zone. The latter is followed by the multi-month low, around the $28.80-$28.75 region, which if broken will be seen as a fresh trigger for bearish traders and pave the way for deeper losses
SILVER COMMODITY MARKET BULLISH TREND TECHNICAL ANALYSIS SUPPORT AND RESISTANCE
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silver Price Forecast: XAG/USD retreats below $32.00 amid high US yieldsSilver prices dropped on Friday after buyers could not hold prices above $31.00.
Read more »
Stolen ruby slippers from 'The Wizard of Oz' fetched $28 million, setting recordA pair of iconic ruby slippers that were worn by Judy Garland in 'The Wizard of Oz' and stolen from a museum nearly two decades ago were sold.
Read more »
Stolen ruby slippers from 'The Wizard of Oz' fetched $28 million, setting recordA pair of iconic ruby slippers that were worn by Judy Garland in 'The Wizard of Oz' and stolen from a museum nearly two decades ago were sold.
Read more »
Stolen ruby slippers from 'The Wizard of Oz' fetched $28 million, setting recordA pair of iconic ruby slippers that were worn by Judy Garland in 'The Wizard of Oz' and stolen from a museum nearly two decades ago were sold.
Read more »
Stolen ruby slippers from 'The Wizard of Oz' fetched $28 million, setting recordA pair of iconic ruby slippers that were worn by Judy Garland in 'The Wizard of Oz' and stolen from a museum nearly two decades ago were sold.
Read more »
Stolen ruby slippers from 'The Wizard of Oz' fetched $28 million, setting recordA pair of iconic ruby slippers that were worn by Judy Garland in 'The Wizard of Oz' and stolen from a museum nearly two decades ago were sold.
Read more »