XAGUSD on the H1 timeframe is showing clear improvement after bouncing up from the lows around 61.00-63.00. The current structure has shifted to a more positive direction as the price continuously creates higher lows and holds above the short-term uptrend line.
The 67.23 area is the nearest support to watch. If silver continues to hold above this area, buying pressure could persist and push the price towards the resistance zone of 69.65. This is a crucial resistance area, coinciding with the area where the price was previously sold off.
Regarding news, silver is being supported by a weakening USD and cooling US yields, helping money flow back into the precious metals sector. However, with the US CPI/PPI still hot, this upward movement needs further confirmation to avoid chasing the rally.
Preferred scenario: holding above 67.23, XAGUSD could continue its upward trend towards 69.65.
The 67.23 area is the nearest support to watch. If silver continues to hold above this area, buying pressure could persist and push the price towards the resistance zone of 69.65. This is a crucial resistance area, coinciding with the area where the price was previously sold off.
Regarding news, silver is being supported by a weakening USD and cooling US yields, helping money flow back into the precious metals sector. However, with the US CPI/PPI still hot, this upward movement needs further confirmation to avoid chasing the rally.
Preferred scenario: holding above 67.23, XAGUSD could continue its upward trend towards 69.65.
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👉t.me/+aoROTvcQl3k4MzA1
Signals & setups to boost your edge
Free trading plans to follow
Real-time market insights
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.