Thu, Mar 23, 2023 @ 12:09 GMT
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XAG/USD Tests Major Support

Silver struggles as the US dollar nears a six-week peak. The price is drifting to last November’s low of 20.90, a daily support at the origin of a bullish breakout. Buying interest or a lack of in this important zone would dictate the metal’s outlook in the weeks to come. Intraday-wise, the RSI’s oversold condition has triggered a ‘buy-the-dips’ behaviour. A combination of profit-taking and fresh buying may drive the short-term price up. 22.00 is the closest resistance and the bulls will need to lift 22.60 before a recovery could happen.

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