Silver bulls hold the fort in Asia
- XAG/USD bulls are holding the fort inearly Asia following down day overnight.
- The price has found support at the familiar supporting area.
Silver is trading flat on the session so fra having travelled within a tight range between $26.06 and $26.12.
Overnight, the greenback was a little firmer in a bullish correction and silver was down on the day, ending the New York session lower by some 0.37% to $26.10.
The white metal in XAG/USD lost its footing from a high of $26.47.
The gold to silver ratio was down by 0.22% with silver picking up some of the flack left behind in gold prices falling.
Meanwhile, the greenback was correcting from a nine-week low on Thursday following a dovish US Federal Reserve the prior day.
A huge spending plan was made announcements from the White House that has set the scene for the global reflation trade.
The US President Joe Biden's announcements the prior day were used to push for another $1.8 trillion in spending and also risked expanding the US budget and trade deficits.
Silver technical analysis
Technically, the price of silver is trapped between support and resistance on the 4-hour time frame although bulls eye a run towards 26.91 ahead of 27.24 as being the -272% and the -61.8% Fibonacci of the latest daily correction’s range.
The bears are going to be looking for a test of the prior highs as being 25.61 on the daily chart which guards the 25.43 level as being the 61.8% Fibo of the 13th April bullish trend.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
