The Silver price (XAG/USD) recovers to $29.40 on Wednesday despite the stronger Greenback.
Silver price edges higher near $29.40 Wednesday’s Asian session, up 0.40% on the day. The negative stance of Silver remains intact below the 100-period EMA, with a bearish RSI indicator. The crucial resistance level is seen at the $30.0 psychological mark; the initial support level is located at $29.04. The Silver price recovers to $29.40 on Wednesday despite the stronger Greenback.
A decisive break above the latter will see a rally to $30.90, the upper boundary of the Bollinger Band. The additional upside filter to watch is a high of June 7 at $31.55, and finally a high of May 29 at $32.31. On the flip side, a low of June 11 at $29.04 acts as an initial support level for XAG/USD. Any follow-through selling below this level will see a drop to the lower limit of the Bollinger Band at $28.40. Further south, the next contention level is located at the $28.00 round figure.
XAGUSD Commodities Macroeconomics Silver
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