Silver is starting to look more bullish in the short-term as the metals builds on last Friday’s strong price recovery from the $26.00 support zone. A bullish triangle break has taken place on the daily time frame and suggests that the price of silver could target the $29.00 level. In the meantime, silver faces strong resistance from a key trendline, which is located around the $28.40 level.
XAGUSD is only bullish while trading above the $27.30 level, key resistance is found at the $28.40 and the $29.00 levels.
If XAGUSD trades below the $27.30 level, sellers may test the $26.80 and $26.30 support levels.