Silver Price Analysis: XAG/USD keeps smashing through the resistance zones
|- Silver is trading 6.69% higher as precious metals soar.
- The price smashed through the resistance area at USD 21.13 per ounce.
XAG/USD daily chart
The precious metals have been off the charts recently and silver has been the pick of the bunch. The push higher has seen the metal break yet another resistance zone and it now trades 6.69% higher on Tuesday. The bottom of the 2011 consolidation area is USD 26.11 and this could be the big target for the bulls. The all-time high is still some way off at USD 49.83 per ounce.
Looking closer at the chart below, the price took the previous wave high of USD 19.65 per ounce. Just now the red resistance zone has been broken but we should wait for the daily close to see if the price can hold the break. The indicators are looking very bullish too. The MACD histogram is firmly green and the signal lines are about the mid-zone too. The Relative Strength Index is also in a very positive area above 70. It is looking slightly oversold but this can happen with the indicator.
XAG/USD monthly chart
The monthly chart really highlights the major levels. The black resistance zone at USD 26.17 per ounce looks very firm. The bulls look set to try and target that level and there could be some resistance. The Indicators are still positive very much like on the daily chart above but the Relative Strength Index has way more room on the monthly.
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Additional levels
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