- Analytics
- News and Tools
- Market News
- Silver bulls running into a wall of daily resistance towards 24.00
Silver bulls running into a wall of daily resistance towards 24.00
- Silver is performing into a critical supply area on the daily chart.
- Bulls look to 24.00 while the bears eye a correction back to test the 38.2% fibo.
The price of silver has tracked gold higher of a sudden, yet not fully explained, at least as far as fundamentals gold rush for gold. US Treasury yields have retreated from near two-year highs on 2-year and 10-year notes.
Consequently, the greenback is pulling back which can explain some of the moves in precious metals, but the speed and distance for which gold and silver have moved are outside of the average ranges we have seen of late. Nevertheless, silver has spiked into what might be expected to be an area of supply as follows:
XAG/USD daily chart
The 24 area is where price has reacted a number of times in the past, so it would be anticipated to offer the bulls a hard time in conquering it. As it stands, the 38.2% Fibonacci retracement level aligns with the prior day's high, so this could be a compelling level of support for the sessions ahead.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
