Silver (XAG/USD) prices have gained more than $2 so far on Monday (December 15th), reaching an intraday high near $63.80 and approaching a new record high of $63.65, after bouncing off a low below the $61.00 mark on Friday.
The precious metal traded on a firm note on Monday, driven by a cautious market mood following weak data from China and renewed concerns about the country's property sector amid news that state-owned developer China Vanke is on the verge of bankruptcy.
Furthermore, US President Trump has named former Fed Governor Kevin Warsh as the most suitable person to replace Chairman Powell when his term ends in May. Trump also said, in an interview with the Wall Street Journal, that the next Fed chairman should listen to him when deciding on monetary policy, pointing to further monetary easing next year.
The 4-hour chart shows the XAG/USD pair trading at $63.73, more than 3% above today's opening price. The Relative Strength Index (RSI) remains above its midline at 64, maintaining positive momentum without overbought conditions. Meanwhile, the Moving Average Convergence Divergence (MACD) has fallen below zero, reinforcing the cautious tone.
The pair continues to trade within an ascending channel from the mid-November low of $48.57, with buyers eyeing Friday's high of $64.66 and the top of the channel, currently located at $66.00. Further up, the psychological level of 70.00 emerges as the next target.
On the downside, the area between the trendline support, currently located around $61.45, and Friday's low of $60.80, is likely to pose a significant challenge for sellers. Confirmation below this level would open the way to the lows of October 7, 8, and 9, around $57.60. (alg)
Source: FXstreet
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