Silver prices (XAG/USD) experienced a slight correction during Monday's (August 25th) European trading session, after rallying for three consecutive days. The precious metal was trading around $38.80 per troy ounce, although the medium-term uptrend remains strong. Fundamentally, expectations of a Fed rate cut next month continue to support non-yielding precious metals like silver.
The 14-day Relative Strength Index (RSI) is above 50, reinforcing the bullish bias. Furthermore, silver is trading above the nine-day Exponential Moving Average (EMA), indicating stronger short-term price momentum.
On the upside, the XAG/USD pair is likely to test the psychological level of $39.00, followed by the upper boundary of the ascending channel around $39.17. A break above this crucial resistance zone would strengthen the bullish bias and push the metal's price to test $39.53, its highest level since September 2011, reached on July 23rd.
Silver prices are likely to find key support at the nine-day moving average (EMA) at $38.26, followed by the 50-day moving average (EMA) at $37.30, and the lower boundary of the ascending channel around $37.20. A break below this confluence support zone would weaken short- and medium-term price momentum and push the XAG/USD pair to test its 11-week low of $35.28, set on June 24. (alg)
Source: FXstreet
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