XAG/USD resumes its rally near $32.00
Silver (XAG/USD) prices extended its rally for the second day, trading around $32.00 per troy ounce during Asian hours on Tuesday. The daily chart analysis shows a bullish bias, with the currency pair moving up within an ascending channel pattern. Moreover, the 14-day Relative Strength Index (RSI) remains above the 50 mark, further supporting the bullish sentiment.
The XAG/USD pair continues to trade above the nine- and 14-day Exponential Moving Averages (EMAs), strengthening the bullish outlook and signaling a strengthening of the short-term price momentum. This indicates increased buying interest and increases the likelihood of further price appreciation.
Until this News Release Silver Price is at $ 32,009
RECOMMENDATION
- Buy if price moves at least to $ 31,859
- Sell if price moves at least around $ 32,159
Resistance Level 2: $ 32,259
Resistance Level 1: $ 32,159
Support Level 1: $ 31,859
Support Level 2: $ 31,709
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to the development of fundamental and technical aspects in transactions before making investment decisions.
Source: Newsmaker.id