Silver rallied today and it looks strong enough to resume its rally. XAG/USD registered strong growth as the US Dollar Index started to decrease again. The risk-off sentiment continues to dominate the markets.
Gold increased as well, so XAU/USD’s further growth should signal that the price of silver may approach and reach fresh new highs in the upcoming period.
Technical Analysis
Silver has decreased a little in the short term, but its failure to stabilize below weekly R1 (26.369) signaled that we may have a new long opportunity.
Jumping above 26.629 and through 26.637 activated a bullish momentum in the short term. Now, the price is traded at 27.443 level above the 150% Fibonacci line.
The aggressive breakout above 26.994 static resistance signaled that the upwards movement could resume despite a minor decline.
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