Silver price clashes with solid resistance and dwindles after hitting a daily high of $23.26. At the time of writing, the white metal is down 0.69%, trading at $23.06, a troy ounce.
XAG/USD Price action
Silver’s daily chart suggests the XAG/USD is neutral to upward biased, with the 20-day Exponential Moving Average (EMA) crossing above the 50-day EMA. Nevertheless, back-to-back hammers, last Friday’s inverted and Monday’s price action, could open the door for a pullback. In bullish territory, the Relative Strength Index (RSI) favors higher prices, but its slope turned south, while the Rate of Change (RoC) is neutral. That said, mixed signals warrant caution.
Short-term, the XAG/USD 4-hour chart indicates the pair is consolidating. The XAG/USD dipped toward the 20-EMA at $22.93, bouncing off and reclaiming the $23.00 figure. That, alongside the recent cross of the 100-EMA over the 200-EMA, could exacerbate a rally toward new YTD highs. Additionally, the Relative Strength Index (RSI) and the Rate of Change (RoC) shifted upwards.
Given the backdrop, the XAG/USD first resistance would be the March 27 high at $23.09. Once cleared, the white metal would be poised to test, the last week was high at $23.52 before challenging $24.00.
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
اترك رسالتك الآن