Silver price (XAG/USD) halts its losing streak, trading around $33.20 per troy ounce during the Asian hours on Thursday.
There is a good chance silver could retest the immediate support at the twenty-day EMA of $32.87. A push below this level could weaken the short and medium-term price momentum to the downside and put downward pressure on the grey metal around the lower boundary at $31.80.
On the upside, the XAG/USD pair could explore the region around the rectangle’s upper boundary at $33.70, aligned with the seven-week high at $33.71, reached on May 25. A break above this crucial resistance zone could cause the influx of the bullish bias and lead the silver price to approach the seven-month high of $34.60, last seen on March 28.
There is a good chance silver could retest the immediate support at the twenty-day EMA of $32.87. A push below this level could weaken the short and medium-term price momentum to the downside and put downward pressure on the grey metal around the lower boundary at $31.80.
On the upside, the XAG/USD pair could explore the region around the rectangle’s upper boundary at $33.70, aligned with the seven-week high at $33.71, reached on May 25. A break above this crucial resistance zone could cause the influx of the bullish bias and lead the silver price to approach the seven-month high of $34.60, last seen on March 28.
The Blueberry Team
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