- A cross above the $18.23-18.30 demand zone has triggered a fresh rally ahead.
- An upside break of volatility contraction has unleashed bulls for hitting the hurdle of $18.50.
- The RSI (14) has stepped into the bullish range of 60.00-80.00.
Silver price (XAG/USD) is hovering around four-day’s high at $18.29 after a firmer upside move in the Asian session. The precious metal is advancing higher right from the initial tick of the intraday trading session and has extended its gains above the critical hurdle of $18.25. The asset is displaying signs of a bullish open-drive session ahead in which every pullback will generate a bargain buy opportunity for the market participants.
The white metal is attempting to break above the demand zone placed in a narrow range of $18.23-18.30 on an hourly scale. Also, the asset is displaying a breakout of the volatility contraction phase, which will result in wider ticks and heavy volume.
A bull cross, represented by the 20-and 50-period Exponential Moving Averages (EMAs) at $18.00, is indicating more upside ahead.
Adding to that, the Relative Strength Index (RSI) (14) has stepped into the bullish range of 60.00-80.00, which has activated bulls for upside momentum.
Sustainability above the $18.23-18.30 demand zone will send the asset towards August 29 low near $18.50, followed by August 29 high at $18.83.
On the flip side, the asset will witness a steep fall to near Thursday’s low at $17.56 and the round-level support of $17.00 after dropping below Wednesday’s low at $17.90.
XAG/USD hourly chart
-637980216200336912.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD remains pressured below 1.0400 on Trump's tariff threats
EUR/USD remains in the negative territory below 1.0400 in the European session on Tuesday, stalling the recovery. The pair is undermined by risk aversion and the US Dollar demand, fuelled by US President Trump's tariff threats. The focus shifts to the ZEW surveys.
GBP/USD drops to 1.2250 area on broad USD strength
GBP/USD stays under bearish pressure and trades deep in the red near 1.2250 on Tuesday as the USD gathers strength following US President Trump's tariff threats. The data from the UK showed that the ILO Unemployment Rate edged higher to 4.4% in the three months to November.
Gold price sticks to intraday gains above $2,725, over two-month top amid trade war fears
Gold price gains strong positive traction amid the flight to safety after Trump’s tariff remarks. Bets for more Fed rate cuts weigh on the US bond yields and further underpin the yellow metal. A modest USD recovery, along with a positive risk tone, caps further gains for the commodity.
BNB and Avalanche show weakness as Trump takes the Oval Office
Altcoins BNB and Avalanche continue to trade down on Tuesday after declining 6% and 13%, respectively, since Saturday. Furthermore, the technical outlook also supports a bearish trend as both altcoins show signs of weakness in momentum indicators.
Five keys to trading Trump 2.0 with Gold, Stocks and the US Dollar Premium
"I have the best words" – one of Donald Trump's famous quotes represents one of the most significant shifts to trading during his time. Words from the president may have a more significant impact than economic data.
Trusted Broker Reviews for Smarter Trading
VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.