Silver Strong Above Support

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Silver Strong Above Support

Silver (Xag/Usd) Strong Above $31.00

Silver (XAG/USD) has reversed its losses and has moved higher from the $30.75 region. Now, the Silver (XAG/USD) is trading above $31.00 with a bullish momentum on Tuesday.

Despite the short-term bullish run, Silver (XAG/USD) is still trading below the 100 SMA on the D1 chart. Also, the white metal is in red for the 2nd day in a row and is down by 0.40% for the session.

Silver (Xag/Usd) Shows Bullish Momentum On H1

Technical analysis of Silver (XAG/USD) shows that it is showing some signs of bullish momentum in the H1 chart. Also, all the oscillators on the D1 chart are mixed, requiring some caution.

It seems that Silver (XAG/USD) will likely resume its retracement once again that started from the $33.00. On the flip side, a break of the $32.00 will shift the trend in the bull's favor.

On the way down, the $30.75 seems to be a strong support followed by the next levels at $30.30 and $30.00. Below these levels, the $29.80 - $29.75 region is also important, as the 50 and the 100 SMA are also located here.

break near the $29.70 will be a sign that bears have assumed full control of the white metal. In that case, the Silver (XAG/USD) will experience deeper losses.

In that case, a move lower toward $29.00 will be on the cards, followed by the next bearish target at $28.80 and $28.50. In fact, a visit to the $28.00 will also be on the cards before the Silver (XAG/USD) starts to show some signs of stabilization.

On the other hand, $31.50 is an important pivot point for the Silver (XAG/USD). Any more buying momentum will allow the Silver (XAG/USD) to move back towards the $32.00. Above that, the key resistance levels for the white metal are around $32.25, $33.00, and then $33.50.

However, we also need to remember that November will be a key month for the central banks. After all, the ECB and the US Federal Reserve are expected to lower the rates further.

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