Silver Prices Continue To Rally, Surpass $32.55 Barrier
Silver reversed an Asian session dip 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 levels since late October hit 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 upmove 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.
However, it remains to be seen whether some follow-through strength beyond the $32.55 horizontal barrier is needed before positioning for a move towards the $33.00 barrier.
Source: FXStreet
