SILVER PRICE ANALYSIS: XAG/USD BULLS HAVE THE UPPER HAND WHILE ABOVE 100-HOUR SMA/$31.00
- Silver lacks any firm intraday direction and oscillates in a range on Wednesday.
- The overnight sustained breakout through a trading range favors bullish traders.
- Dips towards $31.00 could be seen as a buying opportunity and remain limited.
Silver (XAG/USD) struggles to capitalize on the previous day's positive move and seesaws between tepid gains/minor losses during the Asian session on Wednesday. The white metal currently trades around the $31.25 region, nearly unchanged for the day and just below a fresh weekly peak touched earlier today.
From a technical perspective, the overnight breakout through a multi-day-old trading range could be seen as a fresh trigger for bullish traders and support prospects for additional gains. Moreover, oscillators on the daily chart are holding in the positive territory and suggest that the path of least resistance for the XAG/USD is to the upside. Hence, any meaningful dip might still be seen as a buying opportunity and remain limited.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.