XAG/USD Rises Towards Key Resistance

Silver advanced higher as the US dollar index licks wounds after a heavy decline.



The precious metal broke above the supply zone around the 30-day moving average (23.10).

This is a sign of a bullish U-turn with 23.95 from the daily timeframe as the next target.


As the RSI flirts with the overbought territory, we can expect strong selling pressure at that level of interest. 22.90 is the immediate support in case of retracement. Further down, 22.20 is the bulls’ second line of defense.


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