- XAG/USD consolidates around $24 after its reversal from $26 highs.
- Silver trading in range as the market digests COVID-19 vaccine hopes.
- XAG/USD biased lower while below the three-month downtrend at $26 – Commerzbank.
Silver prices have remained moving without a clear direction on Wednesday, hesitating both sides of the $24.00 level, with upside attempts capped at $24.40 and bearish moves contained above $23.80.
Silver consolidates as markets assimilate coronavirus vaccine news
XAG/USD has been consolidating losses in the area of $24 for the second consecutive day, after a 6.5% sell-off last Monday, following Pfizer’s announce of its COVID-19 vaccine’s promising tests.
The white metal has found support at $23.75/90 and attended to pick up over the last sessions although bulls lack follow-through at the mid-range of $24, with the US dollar trading firmer, fuelled by surging US Treasury Bond yields.
XAG/USD: Biased lower while below the downtrend at $26 – Commerzbank
Technical studies suggest that silver is biased lower and might retest September lows at $21.64: “Silver has rallied to and so far failed at its three-month downtrend at 26.00. While capped here, near-term risks remain on the downside and we would allow for a retest of the 21.64 September low 21.63, the July 2014 high.”
Technical levels to watch
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