Silver failed to maintain upward momentum , gold pulled back
Hi friends and followers
XAG markets pulled back as the USD started to gain traction against other currencies due to testimonies delivered in the US Congress during the trading session. XAG prices starts to slide down and is currently priced at USD 15.59.
From my perspective, the $16 level is the maximum resistance of silver. Based on the daily timeframe, the price of silver keeps on maintaining an upward movement, but still fails to retain an uptrend momentum. Another contributing factor for the price drop is the inability of one of the largest silver miners to achieve its target quota, reducing the production output by 11 percent.
In regards to the Bollinger bands, the upper band and lower bands show volatile price movements. I think most traders are likely to do scalping once they see a profit on their current positions.
don't forget to Hit Follow. Thanks
Cheers
XAG markets pulled back as the USD started to gain traction against other currencies due to testimonies delivered in the US Congress during the trading session. XAG prices starts to slide down and is currently priced at USD 15.59.
From my perspective, the $16 level is the maximum resistance of silver. Based on the daily timeframe, the price of silver keeps on maintaining an upward movement, but still fails to retain an uptrend momentum. Another contributing factor for the price drop is the inability of one of the largest silver miners to achieve its target quota, reducing the production output by 11 percent.
In regards to the Bollinger bands, the upper band and lower bands show volatile price movements. I think most traders are likely to do scalping once they see a profit on their current positions.
don't forget to Hit Follow. Thanks
Cheers