- Silver climbs closer to more than a month of testing the previous day.
- Technical configuration favors bulls and supports the perspectives of additional profits.
- Any significant repair slide can now be seen as an opportunity to buy.
Silver (XAG/USD) attracts buyers for the second day in a row on Tuesday and sticks to positive prejudices, above the middle of $ 31.00 in the first half of the European session. White metal, however, does not have the next time and remains below the barrier of 31.70-13 31.75 USD or its highest level from December 12 tested on Monday.
From a technical point of view, last week, a breakthrough last week by conflicting $ 31.00-a member of 38.2% of the level of recovery of Fibonacci the fall of October-Grudnia and a 100-day straight movable medium (SMA)-was perceived as a key trigger for bulls. In addition, oscillators on the daily table gain positive adhesion and suggest that the path of the lowest resistance for XAG/USD is an advantage.
Having said this, it will still be wise to wait for the following purchase except 31.70–31.75 USD immediate resistance to positioning for further profits. XAG/USD may then strive to elevate the $ 32.00 mark and test the next significant obstacle near the area of 32.30–32.40 USD, near 61.8% fibo. level. The momentum can stretch further towards the recovery of a round film with a value of USD 33.00.
On the other hand, the interruption of resistance to confluence from 31.10 to $ 31.00 now seems to protect the direct defects, below which XAG/USD may accelerate the slide towards the support zone of USD 30.25. Then there is a psychological sign worth USD 30.00. A convincing break below the latter may encourage aggressive technical sales and drag white metal to the region $ 29.55 on the way to the 29.00 USD mark.
