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Silver is Breaking Bearish Trend Ahead of FOMC

December 16, 2020
in DAILY UPDATES, Home, MARKETS, Spot Metals, Technical Analysis
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XAGUSD | Daily Chart
XAGUSD | Daily Chart

Silver is over the bearish trend ahead of FOMC as stimulus optimism increases. If the price can stay above 24.50 support, a rise to 26.00-26.50 can be expected. Over this resistance zone, 28.50 can be targeted in the medium-term.

30 Days Market Profile of Silver
30 Days Market Profile of Silver

For the last 30 days, silver has spent most of its time between the 23.50-24.50 zone. This is supporting the importance of staying above the 24.50 level for upward moves.

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Tags: FOMCprecious metalssilverSpot MetalsXAGUSDXAUUSD
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