Silver rallied in the short term as the US Dollar has depreciated versus its rivals even if the United States Non-FarmPayrolls and the Unemployment Rate come in better than expected on Friday. In the short term, the DXY is under strong selling pressure, further drop could help the XAG/USD buyers to push the rate higher.
XAG/USD is traded at 24.253 level at the time of writing and it tries to resume its growth after retreating a little. Later today, Powel’s speech could bring some volatility and sharp movements into the markets. The price of Silver could react as well.
XAG/USD Technical Analysis!
Silver escaped from a down channel signaling potential growth. It has retested the broken line, registering also a false breakdown with great separation. Jumping and closing above 24.043 former high, after printing a new high, XAG/USD was somehow expected to resume its growth.
The price could resume its growth as long as it stays above the uptrend line and above 24.043 static support. A new higher high, jumping and closing above 24.316 today’s high may activate further growth.
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