Has silver turned the corner?
Silver's bullish engulfing candle on Thursday may have marked the end of the corrective phase for the metal, potentially paving the way for a new bull trend.
On Thursday, XAGUSD found strong support from the area around $26.50, where it had taken off in May. It is essential that it now finds some follow-through on the upside.
An ideal scenario for the bulls today would be if we can close above resistance in the $27.60-$28.00 range, with a more significant level seen around $28.65.
Short-term support is seen around $27.26, marking Thursday's high. It is important that silver at the very least holds above this level heading into the close.
By Fawad Razaqzada, market analyst at FOREX.com
On Thursday, XAGUSD found strong support from the area around $26.50, where it had taken off in May. It is essential that it now finds some follow-through on the upside.
An ideal scenario for the bulls today would be if we can close above resistance in the $27.60-$28.00 range, with a more significant level seen around $28.65.
Short-term support is seen around $27.26, marking Thursday's high. It is important that silver at the very least holds above this level heading into the close.
By Fawad Razaqzada, market analyst at FOREX.com
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.