Silver weakens as traders take profits into the weekend

XAG/USD remains close to 7-year high $29.85 from Thursday.
Profit-taking no surprise as the metal is up nearly 23% in August.
Gold remains close to record highs of $2075.

FXStreet Team FXStreet

Investors bank weekend profits

Silver XAG/USD paused for breath Friday as stock markets continued their onward march after a reassuring Nonfarm Payrolls number. At the time of writing, XAG/USD was trading $28.10 down over 8% from a seven-year high seen overnight Thursday into Friday trade.

Bullish argument still holds

The prospects still look good for silver according to analysts, with the metal still a long way from record highs while gold (XAU/USD) breaks new records. Silver also benefits heavily from zero to negative interest rates. During the financial crisis, silver rallied over 300% from January 2009 to April 2011. Weak dollar and safe haven play also underpin the metal.

Technical levels

$26.21 is the previous week high from July 28 and below that $24.00 saw a lot of time and volume. On the upside the target remains the January 2013 high of $32.47 and then $35 from May 2012 and $37.49 2012 year high.

Author

FXStreet Team

FXStreet

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