XAG/USD injects $25.00 to renew three-month high as Russia invades Ukraine


Silver rises for the seventh day in a row, firmer around the highest levels since Jan. 18.

A successful break of 200-DMA, descending trend line from July 2021 reinforces the bullish bias.

Silver (XAG/USD) refreshes its 3-month high, rising 1.40% intraday around $95.00 as the Russian military attacks Ukraine early Thursday morning in Europe.

The shiny metal follows gold prices to print a seven-day uptrend amid bullish MACD signals.

The sustained breakout of the 200-DMA and a downslope resistance from July 2021, now supported, also favors XAG/USD buyers.

However, the 50% Fibonacci retracement (Fibo.) of the May-September 2021 declines near $25.10 is challenging intraday silver bulls.

Also acting as a hurdle on the upside, the November 2021 high near $25.40 followed by the Fibo at 61.8%. level around $26.00.

Alternatively, pullback moves may need to conquer the previous resistance confluence, including the multi-day-old descending trendline and the 200-DMA, around $24.30, to dismiss the latest bullish signals.

Even so, a two-week $24.00 support line will act as an additional filter to the south.

Silver: daily chart

Trend: continuation of the expected increase

Source link


Comments are closed.