Silver Price Outlook: $28 Looks Achievable If Bulls Keep On Pushing
Silver prices on the XAGUSD pair continued their uptick today, boosted by an improvement in business conditions in the US manufacturing sector. The US ISM Manufacturing PMI rose to 60.7, which was better than November’s reading of 57.5 and the consensus number of 56.6.
The recent increase in silver prices comes on the back of a weaker US dollar and a general lift in metal prices. Silver price uptick follows that of gold and several metals, with the XAGUSD pair gaining nearly 120 cents in the first two trading sessions of 2021.
Technical Levels to Watch
The XAGUSD pair has built on yesterday’s 3.29% rise in price, with yet another bullish performance. However, silver price has met resistance at27.502 (16 September high), which has to give way for price to attain the 28.073 resistance target. The 1 September 2020 high at 28.902 remains in the line of sight of bulls.
On the flip side, a pullback from the current resistance allows bears to aim for the ascending trendline support’s intersection point with the 26.325 support. If this trendline gives way, the door towards 26.934 is flung open, with the potential to hit 25.286 and 25.227.