Silver continues to recover
since marked the 2018 year low at 16.04 on 1st of May. Today XAG/USD pushed
very high and reached daily high at 16,57. But seems it has found resistance
around the 38.2% Fibonacci retracement of latest April to May bearish run.
Technically speaking the short-term outlook remains neutral to bullish. On the
four hour time frame the price is developing above the 20-day SMA, which
started to turn north, and the flat 100-day and 200-day SMAs. RSI is around its
mid-line and has started to lean downwards. Stochastic has eased within the extreme
positive area and is looking for direction.
The downside is supported by the 23.6% Fibo of same retracement at 16,34. Below
this level silver might meet again the support provided by the 2018 low at
16.04. On the other hand the technical picture suggests
further short-term increase and if bulls succeed to conquer the 16,75 the doors
will be opened for testing 16,87.
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