Silver Price Analysis: XAG/USD on the rise, $27.80 is a crucial resistance
I came across this Silver price analysis from FX street and thought it was interesting, I feel the difference between the paper markets and the physical couldn’t possibly be more stressed. Essentially the world doesn’t have enough silver at current and demand is surging leaving bullion banks taking riskier moves to keep the illusion afloat.
Silver Price Analysis
- While silver trades higher, resistance at $27.80 is still intact.
- A move above that would confirm a range breakout.
Silver trades near $27.55 at press time, representing a 0.87% gain on the day.
While the metal is flashing green, it is yet to take out resistance at $27.80 (the previous week’s high).
A move above that level would imply a bullish breakout from the narrowing price range signaled by the previous week’s candle, whose high and low falls well within the preceding week’s price range.
Above $27.80, the focus would shift to $30.09, the high seen earlier this week. On the other hand, acceptance under the previous week’s low of $27.31 would put the bears in a commanding position, exposing support at $24.06, the higher low created on Jan. 6.
Trend: Bullish above $27.80