Silver remains in a neutral zone

0


[ad_1]

Silver stayed in a neutral zone today, with the commodity having a relatively quiet day in the market. XAG is still trading above $ 26 with bullish sentiment expected to drive price higher in the coming hours.

Silver is still trading above $ 26

Wednesday was relatively calm for silver as the commodity continued to trade above the $ 26 mark. The precious metal started daily trading at $ 26.158 and held that level throughout the European and US markets.

The bulls failed to break the $ 26.25 resistance level, with silver trading below $ 26.20 all day. The forecast had predicted that silver would trade between the 25.60 support and the 26.50 resistance and it stayed within that region.

XAG / USD chart. Source: FXEMPIRE

If the XAG / USD pair had broken the 26.25 resistance level, it could have set the tone for the precious metal to rally and move towards 26.80. However, with the US dollar performing well for the third day in a row, it was difficult for silver to initiate a meaningful rally.

Sustained momentum could push silver higher

Silver’s performance has been neutral since the start of the year. In the rallies in February and May, the precious metal rose near the $ 29 mark. Mostly, however, it stayed between $ 25 and $ 26. With the US dollar doing great, it would be difficult for the XAG / USD pair to hit the $ 29 mark anytime soon.

However, continued bull momentum would be enough to push silver above $ 27. If they don’t take on a serious challenge, they could defend the critical support zone around $ 25. At the time of this writing, the XAG / USD pair is trading at $ 26.160.

This article was originally published on FX Empire

More from FXEMPIRE:

[ad_2]

Leave A Reply

Your email address will not be published.