Silver Gains Traction for the Third Straight Day as It Climbs to A Four-Day High.


Silver extends its recent bounce from the $17.55 area, its lowest level since July 2020, set last week by gaining traction for the third straight day today, Tuesday, September 6th, 2022.

The XAG/USD is currently eyeing a resistance marked by the top boundary of a downward sloping channel extending from the August monthly swing high. Sustained strength beyond will be seen as a fresh trigger for bullish traders and pave the way for an extension of the ongoing recovery move.

This temporary rally can lift the XAG/USD towards its next bullish figure, just ahead of the $19.00 round figure. The latter coincides with the 100-period SMA on the 4-hour chart, which, if cleared, will reaffirm that spot prices have tunneled out in the near term.

The momentum could extend towards the 200-period SMA on the 4-hour chart, currently pegged near the $19.40-$19.45 region. Some follow-through buying beyond the $19.65 horizontal support breakpoint, turned resistance, should allow bulls to reclaim the $20.00 psychological mark.

A significant pullback now might gain some support near the $18.25-$18.20 region ahead of the $18.00 round figure. Failure to defend the said support levels will show that the corrective rebound in price has diminished and shifted the bias back in favor of bearish traders.

This Post Has 2 Comments

  1. Rastrear Celular

    Visualizar o conteúdo da área de trabalho e o histórico do navegador do computador de outra pessoa é mais fácil do que nunca, basta instalar o software keylogger.

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