Silver Remains Strong Amid Geopolitical Uncertainties
Silver reversed an Asian session decline to the $32.00 range and climbed to the upper end of its intraday trading range in the last hour. The white metal is currently trading around the $32.35-$32.40 region, virtually unchanged throughout the day, although still well below its highest level since late October reached last Friday.
Looking at the broader picture, XAG/USD – barring a couple of knee-jerk spikes – has been oscillating in a familiar range for the past two weeks or so.
Against the backdrop of a strong uptrend this year, this may still be categorized as a bullish consolidation phase. Moreover, positive oscillators on the daily chart suggest that the path of least resistance for the commodity is to the upside.
RECOMMENDATION
- Buy if price moves to $32,752
- Sell if price moves to $32,152
Resistance Level 2: $33,352
Resistance Level 1: $33,052
Support Level 1: $31,852
Support Level 2: $31,552
Note:
This article is only an analysis and not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
