Silver has been contracting over the last couple of days. While the gold/silver ratio remains at historically high levels, ongoing risks in global trade and manufacturing provide strong justification for this imbalance.
In the short term, unless XAGUSD breaks above the 33.45 resistance, the direction may remain to the downside. The 200-hour moving average—often used as both support and resistance—can be followed as the next key short-term target. If this moving average is broken, bearish pressure could intensify.
For upward moves, a breakout above 33.45 could open the way toward 33.55 and 33.70 levels.
In the short term, unless XAGUSD breaks above the 33.45 resistance, the direction may remain to the downside. The 200-hour moving average—often used as both support and resistance—can be followed as the next key short-term target. If this moving average is broken, bearish pressure could intensify.
For upward moves, a breakout above 33.45 could open the way toward 33.55 and 33.70 levels.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.