- Volatile session for Silver that is facing difficulties to consolidate above $24.00.
- Higher US yields and a mixed dollar weighs on XAU/USD limiting XAG/USD.
- Price is biased to the upside but it needs to break $24.25/30.
Silver is having a positive but volatile day on Tuesday. Recently XAG/USD rebounded from a session low at $23.80 to $24.28, matching last week high and then pulled back. It is hovering around $24.00 with a bullish bias, still facing important resistance ahead.
The improvement in risk appetite at the beginning of the week boosted commodities, particularly after last week’s US inflation data. At the same time, bonds in the US and Europe dropped. Higher yields limited the upside in Gold, the decline of the Dollar, and the break above $24.25/30 of XAG/USD.
As of writing, XAG/USD is hovering around $24.00. A short-term uptrend line is seen at $23.85. A consolidation below would suggest a correction ahead with an initial target at $23.55 and then $23.35 (Dec 22 low).
A firm break above $24.25 would clear the way to more gains targeting $24.55 and then the $25.00 zone.
XAG/USD 4-hour chart
|Today last price
|Today Daily Change
|Today Daily Change %
|Today daily open
|Previous Daily High
|Previous Daily Low
|Previous Weekly High
|Previous Weekly Low
|Previous Monthly High
|Previous Monthly Low
|Daily Fibonacci 38.2%
|Daily Fibonacci 61.8%
|Daily Pivot Point S1
|Daily Pivot Point S2
|Daily Pivot Point S3
|Daily Pivot Point R1
|Daily Pivot Point R2
|Daily Pivot Point R3
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