Silver (XAG/USD) oscillated in a narrow range around the $36.75 area during the Asian session on Thursday (June 19) and for now, seems to have stalled the previous day's modest decline from its highest level since February 2012. Meanwhile, the technical setup favors bullish traders and suggests that the path of least resistance for the white metal is to the upside.
A sustained strength beyond the $36.45-$36.50 mark confirms a breakout through a short-term descending trend channel, which constitutes the formation of a bullish flag pattern. Moreover, the Relative Strength Index (RSI) on the daily chart has also eased from the overbought territory. This, along with positive oscillators, validates the near-term constructive outlook for XAG/USD.
Hence, a subsequent move beyond the $37.00 round-figure, towards retesting multi-year highs around the $37.30-$37.35 region touched on Wednesday, looks a real possibility. Some follow-through buying beyond mid-$37.00s, or February 2012 highs, should enable XAG/USD to reclaim the $38.00 mark and climb towards the next relevant hurdle near the $38.50-$38.55 region.
On the flip side, the 50-period Simple Moving Average (SMA) on the 4-hourly chart, near the $36.55 region, could provide some support ahead of the trend-channel breakout point, currently around the $36.30 region. This is followed by the weekly lows, around the $36.15 region, and the round-figure. The latter should act as a key pivotal point, which if broken could shift the near-term bias in favor of bears.(alg)
Source: FXstreet
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