Silver (XAG/USD) steadies around $21.60, following a pullback from the weekly high, during Wednesday’s Asian session.
In doing so, the bright metal justifies Tuesday’s Gravestone Doji candlestick while also portraying failures to cross the 10-DMA, around $21.65 by the press time.
Even so, a looming bull cross of the MACD signal joins the metal’s successful break of a one-month-old resistance, now support around $21.20, to keep silver buyers hopeful.
Should the quote rises past $21.65, the $22.00 may offer an intermediate halt during the run-up to a monthly high near $23.30.
Meanwhile, a downside break of the resistance-turned-support, near $21.20, won’t hesitate to direct XAG/USD towards the multi-month low marked in May around $20.45.
Following that, the $20.00 psychological magnet will be crucial for the bears to watch.
Overall, silver remains directed towards the north but short-term hurdles test recovery moves.
Trend: Further upside expected
© 2000-2022. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
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 email@example.com.