Silver (XAG/USD) is treading water on Wednesday after a sharp two-day run to mark fresh multi-year highs. The metal consolidating just below the key $39.50 mark during the American trading hours. While bullish momentum remains intact, the pause comes as the US Dollar (USD) stabilizes on the back of a trade agreement between the United States and Japan, which has injected a dose of cautious optimism into broader markets and tilted sentiment toward risk-on.
Despite the intraday slowdown, Silver still trades near 14-year highs, at levels last seen in September 2011, underlining the strength of the ongoing uptrend. The metal is up nearly 3.33% so far this week and continues to ride the wave of broad-based Greenback weakness.
On the daily chart, Silver is edging higher along the upper boundary of a well-defined rising channel that has contained price action since early April. Price is holding well above the short-term Exponential Moving Averages (EMAs) 9, 21, and 50-day all of which are sloping upward and reinforcing the underlying bullish momentum.
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