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Technical Analysis – Silver Rises 2% Despite Dollar Rebound – Key Resistance Broken?
Precious metals had an excellent session yesterday, supported by the U.S. Treasury Department’s announcement of an intervention in the Treasury market aimed at bringing yields lower. Interestingly, today’s rebound in the dollar — additionally supported by stronger-than-expected U.S. macro data — has not stopped silver prices from advancing. On the contrary, despite a modest decline in gold, silver — which often tends to amplify moves in gold — is continuing higher today and has broken above a key resistance level: the 200-session EMA200, shown by the red line on the chart. If the $70 per ounce barrier is cleared, the next resistance based on price action could come only around $78. The $65–66 area remains an important support zone in the event of a cooling in short-term momentum.
Source: xStation5
