Silver is into a corrective phase in the short term. Still, the retreat could be only a temporary one. Actually, a minor decline was expected after its previous swing higher. The current decline could bring us new long opportunities.
In the short term, XAG/USD slipped lower as the price of Gold dropped as well. DXY’s strong rally forced the metals to stay down. Still, Silver and Gold could resume their growth as the global health crisis continues. Also, technically, Silver jumped above a major resistance, so it could only test and retest the immediate support levels before jumping higher.
XAG/USD Technical Analysis!
XAG/USD is trading in the red at 24.751 above 24.682 yesterday’s low. Also, the 24.771 – 24.871 area was seen as a support zone. It remains to see what will happen around these downside obstacles.
Technically, the downside pressure is high as long as it stays under the descending pitchfork’s upper median line (uml). This stands as a dynamic resistance. An upside breakout through this obstacle could announce an upside continuation.
Note: ForexSchoolOnline is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Leave a Reply