Silver Worth Outlook:Silver Worth Forecast: XAG/USD Ponders Breakout Alongside Gold Beneficial propertiesSilver surged to its h
Silver Worth Outlook:
Silver Worth Forecast: XAG/USD Ponders Breakout Alongside Gold Beneficial properties
Silver surged to its highest worth in additional than a month Wednesday on the again of a 3% day by day achieve. Current worth motion has seen the metallic climb greater than 8.5% within the month of April as slipping Treasury yields open the door to positive factors for commodities like gold and silver. Because of this, XAG/USD could look to proceed increased ought to the elemental forces at play stay intact.
Silver Worth Chart: 4 – Hour Time Body (February 2021 – April 2021)
To that finish, early resistance resides dangerously near the metallic’s Wednesday shut, round $26.63. The barrier is derived from a previous swing excessive in March and will look to stall progress to the topside. However, Wednesday’s worth motion noticed silver set up a convincing break above one other space that had confirmed troublesome – a Fibonacci stage round $26.20. The road had resisted makes an attempt increased all through April and in March, however the current breakout ought to see the extent tackle a extra supportive position going ahead.
With that in thoughts, silver might be trapped by resistance overhead at $26.63 and help beneath at $26.20. A scarcity of continuation at this stage may enable bulls to consolidate current positive factors, nonetheless, and show constructive in pursuit of a longer-term breakout rally. Fluctuating between help and resistance may open the door to vary buying and selling methods.
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Ought to a continuation past $26.63 happen, silver bulls may set their sights on $26.95 as an space of secondary resistance. The zone has served as each help and resistance previously, most just lately evidenced by worth motion in February and early March. Whereas the technical panorama seems to be enhancing, the important thing to silver worth positive factors stays US Treasury yields in the interim and a resumption increased in that market may hamper commodity worth positive factors. As XAG/USD seems to proceed its current rally, comply with @PeterHanksFX on Twitter for updates and evaluation.
–Written by Peter Hanks, Strategist for DailyFX.com
Contact and comply with Peter on Twitter @PeterHanksFX
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