Silver clings to strong intraday gains, eyes $21.60-70 supply zone
29 Nov 2022
Silver regains strong positive traction on Tuesday and reverses the previous day’s downfall.
Silver shows some resilience below the $21.00 mark and regains positive traction on Tuesday, reversing a major part of the overnight slide to a four-day low. The white metal sticks to its intraday gains through the first half of the European session and is currently placed around the $21.35 region, up nearly 2% for the day.
From a technical perspective, the emergence of aggressive buying near the $20.90 static support favours bullish traders and supports prospects for additional gains. The constructive outlook is reinforced by the fact that oscillators on hourly charts have again started gaining positive traction. This, in turn, supports prospects for a further intraday appreciating move for the XAG/USD.
SILVER PRICE TECHNICAL ANALYSIS
In daily chart silver is currently trading in up trend.
Silver is currently trading above 20 & 50 SMA. RSI is in buying zone which suggests bullishness.
Its immediate support is at 20.899 & resistance level is at 21.396.