Silver Under Pressure, XAG/USD Approaches Psychological Level of $60
Silver (XAG/USD) experienced significant selling pressure during the Asian session on Tuesday, reversing some of its previous gains and approaching its record high. The price of the silver metal fell more than 2.5% in the past hour, breaking through the key support of the 100-hour Simple Moving Average (SMA), opening the door for further declines. Investors are now eyeing the $62.00 level as an initial target for this selling pressure.
This negative pressure is likely to push XAG/USD through the $62.00 round figure and continue towards the next support level around $61.45, heading towards last Friday's low of $60.80. If selling pressure remains strong, the metal could even test the psychological level of $60.00, a key concern for traders.
On the other hand, for buyers, a key level for resuming the uptrend is a close above $64.00. If it manages to break through this level, XAG/USD has the potential to challenge its all-time high around $64.65, before attempting to conquer the psychological $65.00 level, which could pave the way for further gains. (az)
Source: Newsmaker.id
