Advertisements

Silver Pauses Gains, Consolidates Near $32.50 Ahead of Key Resistance Levels

by Daisy

Silver prices have stalled, ending a three-day rally as the metal consolidates around the $32.50 mark. Buyers have failed to extend their gains and test the previous cycle high of $33.39. As the Asian session begins on Friday, XAG/USD remains largely unchanged.

XAG/USD Technical Outlook:

Silver is holding steady near the $32.50 level, with neither buyers nor sellers able to push the price significantly higher or lower. The Relative Strength Index (RSI) indicates flat momentum, with buyers still maintaining a slight advantage.

Advertisements

The first key resistance for XAG/USD is seen at $33.00, followed by notable levels at the February 20 high of $33.20 and the February 14 cycle high of $33.39. On the downside, if XAG/USD drops below $32.00, support is seen at $31.50, with the 100-day Simple Moving Average (SMA) at $31.21 providing further support. A deeper pullback could bring $31.00 into play, with additional support near the 200-day SMA at $30.48.

Advertisements

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News