Silver edges higher as the US Dollar Index plunges after registering a short-term rebound. A USDX’s deeper drop could boost the XAG/USD price which could approach and reach fresh new highs.
The price of silver moves somehow sideways, but the bias remains bullish. The current accumulation could attract more buyers. XAG/USD has decreased a little only to test and retest the immediate support levels before jumping higher.
XAG/USD has retested the broken upper median line (UML) of a major descending pitchfork registering only false breakdowns. Now is back above the weekly pivot of 26.040 and it could approach and reach the R1 (26.365) soon.
The commodity has found support on the 25.851 level and now it could approach the former high and the ascending pitchfork’s upper median line (uml).
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