Silver Price Analysis: XAG/USD bulls retain control above $23.50, highest since February Silver Commodities Technical Analysis XAGUSD
Silver gains strong positive traction on Thursday and touched its highest level since early February.A convincing break below the $22.00 mark is needed to negate the near-term constructive outlook.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.
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 en route to the $25.00 psychological mark.
The latter should now act as a strong base and a pivotal point, which if broken decisively might prompt some technical selling. A subsequent slide below the $22.50 region could then drag the XAG/USD towards the $22.20 intermediate support en route to the $22.00 round figure. This is closely followed by the $21.75-$21.70 zone.
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