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Silver starts the new week on a weaker note, continuing to pull back from the highest level reached since December 2012 on Friday. Recent repeated failures to break through the $32.00 level on the daily chart represent the formation of a bearish multiple top pattern. Meanwhile, the oscillators on the daily chart remain comfortably in positive territory, supporting the potential for buying on declines in the $31.75 level. This should limit the decline of the white metal to the horizontal support at $31.45.
A drop could pull the commodity down to $31.00. Some subsequent sales below last week's low in the $30.90 level would make the XAG/USD pair vulnerable to further acceleration toward the intermediate support at $30.70, then $30.25, on the way to the psychological level of $30.00, followed by the 100-day and 50-day simple moving averages (SMA).
However, to position for an extension of the two-month uptrend, bulls need to wait for firm strength above the $32.00 level and sustained momentum beyond the supply zone at $32.25. Then, the XAG/USD pair may attempt to conquer the round level of $33.00 before rising further to the December 2012 swing high at $33.85.
This mixed technical setup suggests caution before placing aggressive bearish positions.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
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