Home Forex XAG/USD remains firmer beyond 200 DMA as bulls eye at $22.25

XAG/USD remains firmer beyond 200 DMA as bulls eye at $22.25

by SuperiorInvest
  • The price of silver remains slightly offered at the weekly high, printing a three-day uptrend.
  • Clear break of 200-DMA, positive RSI (14) favors buyers to approach monthly high.
  • Tops marked during October, August are added to the cons filters.

The price of silver (XAG/USD) is increasing offers during Thursday’s Asian session to restore the weekly peak around $21.60.

At the same time, the bright metal is rising for the third day in a row, while justifying the break of the 200-DMA from the previous day. Also keeping hope for XAG/USD bulls is a firmer RSI line (14), not overbought.

With this, the quote is set to approach the monthly high around the March-September 50% Fibonacci retracement near $22.25.

However, the June peak around $22.50 could challenge silver buyers later, if not, then a run to the 61.8% Fibonacci retracement level near $23.40, also known as the golden section, could attract bulls.

On the other hand, a daily close below the 200-DMA near $21.40 as of press time seems necessary to confirm the short-term decline.

Even so, highs seen during October and August near $21.25 and $20.85 respectively, quickly followed by 21-DMA support near $20.75, could limit the short-term downside of XAG/USD.

It is worth noting that the May low near $20.45 acts as a last defense for silver buyers.

Silver: Daily chart

Trend: Further growth is expected

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