The price of silver climbed as much as 24.522 today, registering a new high. The XAG/USD rallied in the short term after some poor US economic data reported in the last days and after the FOMC. Today, the ECB and the BOE delivered a 50 bps hike as expected. Still, it remains to see how Silver will react after the ECB Press Conference.
Technically, the rate reached the 24.507 historical level (upside obstacle) and now it has turned to the downside. It’s located in a supply zone, so a bearish pattern may announce a new leg down.
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