Silver Price Forecast: XAG/USD Finds Support At $30.30 To Trim Some Losses
Silver Prices (XAG/USD) are trading in a mild positive bias on Monday, trimming some losses after the rejection from levels above $32.00 last week. A mild retreat in US Treasury yields is supporting precious metals on Monday but the overall picture shows the pair vulnerable.
The daily chart reveals a sharp reversal pattern last week, which triggered a more than 4% sell-off in the last half of the week. Upside attempts are looking feeble so far, with previous support at $30.85 likely to challenge bulls.
So far the current recovery seems corrective, unable to put a significant distance from Friday’s low, at $30.30. Below here, December’s low at the $30.00 round level might provide some support ahead of the key $29.65 level.
To the upside, immediate resistance is at $31.00. Above here, $31.45 (November 18, 24 and December 4 high and December 11 low) will be targeted ahead of last week’s highs at $32.30.
XAG/USD 4-Hour chart
(Click on image to enlarge)
More By This Author:
USD/CAD Resumes Uptrend To Test Long-Term Highs At 1.4240
US Dollar Defends Its Ground As Focus Shifts To Fed Decision
EUR/GBP Rallies To Levels Near 0.8300 After Disappointing UK Data
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not ...
more
Comments
