Silver Still Climbing? Price Clings to $51, Ready to Test $52
Silver (XAG/USD) traded steadily around $51.45 during Tuesday's Asian session, virtually unchanged from the previous day. However, the price continued its rebound from a two-week low in the $48.60–$48.65 area formed last Friday, indicating that buyers remain in control.
Technically, silver remains trading above the 200-EMA on the 4-hour time frame around $49.30–$49.35, which forms the basis of a short-term uptrend. The MACD indicator is in positive territory and the histogram is widening, while the Relative Strength Index (RSI) is above the midpoint, confirming continued bullish momentum.
As long as it remains above this area, silver is considered likely to break through the $52.00 level, then test last week's swing high around $52.45, and even open up room towards the $53.00 round number. The current price structure still supports a scenario of further upside as long as there is no sharp decline.
On the downside, a correction below $51.00 is expected to still attract buying interest before the psychological $50.00 area. If the $50 level is broken strongly, the price could fall to retest the 200-EMA around $49.30; a clear break below this zone would only weaken the positive outlook, while holding above it would keep the upside potential for silver open. (asd)
Source: Newsmaker.id
