Silver (XAG/USD) is expected to consolidate the strong gains recorded in recent days, moving within a narrower price range during the Asian session on Thursday (November 13th). The precious metal is currently trading slightly below its highest level in nearly four weeks and appears poised to continue its rally. Technically, the upward movement from the previous support level is a positive signal for silver, while indicators on the daily chart show that the price is still far from overbought territory, indicating potential for further upside.
If silver manages to break through the previous high, there is a possibility that the price will continue to rise towards a higher psychological level. If the price holds above that level, silver could continue its positive momentum and test the highs recorded several months ago. The current technical outlook supports the potential for an extended rally, provided the price is able to hold above key support levels.
However, if silver corrects and falls below lower support levels, potential buyers could re-emerge to limit the decline. If the support level fails, silver could decline further, triggering a technical sell-off. Thus, while the short-term outlook for silver remains positive, market participants need to pay attention to whether prices can maintain support levels. (az)
Source: Newsmaker.id
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