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XAG/USD Tests Resistance

Silver steadies as traders continue to dump the US dollar. The price is testing the support-turned-resistance at 24.50 from last April’s sharp sell-off. The previous test caused a limited fallback, but a bounce off 23.20 indicated that the bulls are still in the game. A bullish breakout would trigger a runaway rally as sellers scramble to cover, opening the door to the psychological level of 26.00. In the meantime, after the RSI showed a double top in the overbought area, the metal may seek support above 23.55.

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