Despite the sell-off after Pfizer’s vaccine news, ETF holdings increase more than 9 percent. Comex inventories continue to hold at high levels.
News about the difficulties of vaccine delivery logistics may become too expensive and a few countries can afford a deep-freeze chain for millions of doses, may affect markets negatively and for gold and silver positively.
XAGUSD is near lover band of triangle pattern. As long as price stay above 23.58, silver bulls may become more active again. Triangle formation’s upper band is at 26.05 and 26.00-26.50 resistance zone is on top of that. If that resistance zone break, we could see a big rally.
Below 23.58 price moves may increase sell pressure. In short term 23.20 and 21.83 can be followed as support.