Buying Pressure Pushes Silver Closer to Psychological Level of $40
Silver (XAG/USD) held around $38.20 per troy ounce during Monday's Asian session, following a slight decline. Technically, silver is still trending upward within a bullish channel pattern. The 14-day Relative Strength Index (RSI) remains above 50, and the price is above the 9-day moving average (EMA), indicating strong short-term upward momentum.
If buying pressure persists, XAG/USD could potentially break through the $39.13 resistance—its highest level since 2011—and continue its upward movement toward the upper boundary of the channel at the psychological $41.50 level. However, if a correction occurs, the nearest support areas are at $37.79 and $37.20. A drop below these levels could shift market sentiment to bearish, with the next support levels at the 50-day EMA at $35.91 and the key $31.65 level.
Recommendation:
Buy if the price breaks above $38,384
Sell if the price breaks below $38,104
Resistance 2: $38,684
Resistance 1: $38,384
Support 1: $38,104
Support 2: $37,804
Note: This article is intended for analysis and should not be considered a definitive reference. Always consider fundamental and technical developments before making investment decisions.
Source: Newsmaker.id
