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Abstract:Silver aims to extend its intraday upward momentum past the $24.00 level.
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Silver aims to extend its intraday upward momentum past the $24.00 level.
Silver regains upward momentum and reverses a portion of Friday's fall from a one-week high.
The technical picture remains bullish, implying that further increases are possible.
A convincing break below a multi-month-old ascending trend-line will demolish the bullish outlook.
On the first day of a new week, silver (XAG/USD) attracts some dip-buying near $23.70 and builds on its steady intraday advance moving into the European session. The white metal has risen to $24.00 in the last hour, continuing its recent good rebound from the mid-$22.00s, or a near one-month low seen last week.
Technically, the XAG/USD showed some durability below last week, defending an upward-sloping trend line stretching from the October swing bottom. Bullish traders benefit from the ensuing strength and acceptance over the critical 200-day Simple Moving Average (SMA). Furthermore, oscillators on the daily chart have begun to generate upward traction, supporting the odds for a further upward surge.
On the other hand, any major drop may continue to attract buyers at the 200-day SMA, which is now around $23.55. However, some follow-through selling might make the XAG/USD susceptible, accelerating the decline back towards the $23.00 level. The latter is approaching the aforementioned rising trend-line support, which if firmly broken will negate the positive view and move the bias to bearish traders.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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