Silver price rebounds and remains on the rise despite the rise in the US dollar. In the near term, XAG/USD may consolidate as mixed RSI/RoC signals suggest caution. Silver is recovering from a weekly low of $22.56 during the New York session. However, late buying momentum is keeping XAG/USD trading with 0. 1% gains. At the time of writing, XAG/USD is trading at $23.21, above its opening price, and is expected to decline by 1.23% by the end of the week. SILVER PRICE ANALYSIS: TECHNICAL OUTLOOK The daily chart of XAG/USD shows that the yield is holding after testing the rising support trend at the November low. However, the failure of the latest breakout and its confluence with the 20-day EMA triggered a silver rally. The Relative Strength Index (RSI) and Rate of Change (RoC) also suggest that buyers are gaining momentum and a daily close above $23.05 on December 15 could support the trend. In the near term, the hourly chart of XAG/USD shows that silver’s drop below $22.60 has opened an opportunity for sellers to lean towards the 200 exponential moving average (EMA) at $23.22, which is immediate intraday resistance. In addition, mixed signals between the RSI (which points upwards) and the RoC, indicating a slowdown in buying pressure, can prevent investors from opening new positions. However, if XAG/USD breaks above the 200-EMA, the immediate high would be the daily pivot at $23.33, followed by the R1 pivot at $23.69. On the downside, the first support of XAG/USD would be the 50-EMA at 23:16. A breach of the latter would reveal the December 15 low at $23.06 ahead of the $23.00 mark.

Dodaj komentarz

Twój adres e-mail nie zostanie opublikowany.