Silver Price Analysis: XAG/USD bulls retain control above $23.50, highest since February
NEW YORK (March 30) Silver catches fresh bids on Thursday, following the previous day's two-way/directionless price moves, and rallies to a nearly two-month high during the early European session. The white metal is currently placed around the $23.60-$23.65 region, up over 1% for the day, and seems poised to prolong its recent appreciating move from levels just below the $20.00 psychological mark, or the YTD low touched earlier this March.
Against the backdrop of the recent breakout through the 61.8% Fibonacci retracement level of the pullback from over a nine-month peak, the ongoing positive move adds credence to the bullish outlook for the XAG/USD. Hence, some follow-through strength, back towards the $24.00 mark, looks like a distinct possibility. The momentum could get extended further towards the $24.65 region (multi-month peak touched in February) en route to the $25.00 psychological mark.
catches fresh bids on Thursday, following the previous day's two-way/directionless price moves, and rallies to a nearly two-month high during the early European session. The white metal is currently placed around the $23.60-$23.65 region, up over 1% for the day, and seems poised to prolong its recent appreciating move from levels just below the $20.00 psychological mark, or the YTD low touched earlier this March.
Against the backdrop of the recent breakout through the 61.8% Fibonacci retracement level of the pullback from over a nine-month peak, the ongoing positive move adds credence to the bullish outlook for the XAG/USD. Hence, some follow-through strength, back towards the $24.00 mark, looks like a distinct possibility. The momentum could get extended further towards the $24.65 region (multi-month peak touched in February) en route to the $25.00 psychological mark.
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