XAGUSD Tests Major Support

Silver remains under pressure as the dollar index nears a 16-month high. Price action is hovering above the key floor at 23.00 which is also a daily support after November’s breakout above 24.80.

This is a test of buyers’ commitment to keeping the rebound relevant. An oversold RSI may attract bargain hunters in this congestion area.

The bulls will need to reclaim 24.30 before they could expect the bounce to gain traction. A bearish breakout would dent the optimism and extend losses towards 22.00.

November 26, 2021 at 11:42PM
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