XAGUSD: Silver Prices Breaks Above the 100-Day MA, Hits Seven-Week Highs

XAGUSD: Silver Prices price trading 0.91% higher at $17.57 making fresh seven-week highs on renewed disorderly Brexit fears that push also gold prices higher. Meanwhile China accused the USA that it interferes in its internal affairs, adding to already fragile relationships between the two superpowers. On the other hand, President Trump said during the weekend that China and the USA are very close in signing the phase one trade deal.

Read our Best Trading Ideas for 2020.

Silver Price Analysis

Silver price trade higher for the fifth consecutive session in a row. The price yesterday breached above the 50-day moving average and more bulls joined the action. Silver price as of writing managed to break above the 100-day moving average. The move today keeps intact the bullish momentum which started on December 9th from the $16.50. The next resistance stands at $17.63 the daily top. A break above will target the next resistance level at 18.06 the high from November 5th.

On the flip side initial support for silver stands at $17.35. A break below will open the way for the next support area at 17.20 the 50-day moving average. Bears would seek a break below the 50-day moving average that would have negative implications for silver prices. In that case silver prices might slip further to 16.50 the December 9th low.

Don’t miss a beat! Follow us on Telegram and Twitter.

More content