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On Monday, Silver (XAG/USD) traded near its one-month high after last Friday’s bullish breakout.
This move followed a relatively dovish speech from the Federal Reserve Chair at the Jackson Hole Symposium,
reinforcing expectations for a rate cut in September. As a result, weaker US Dollar performance and lower Treasury yields
fueled momentum in precious metals, with Silver reaching its highest level since July 25th.
the consolidation above the $39.00 level signals potential for
continued bullish momentum. Traders adopting disciplined strategies may benefit from the current market phase,
as Silver maintains resilience despite minor daily fluctuations.
At the time of writing, XAG/USD is trading around $38.90, with an intraday low of $38.57 during the European session.
Despite sideways action, the broader technical outlook remains in favor of buyers.
From a technical perspective, the breakout above the symmetrical triangle and the psychological barrier of $38.00
has shifted market momentum decisively upward. This breakout confirms the potential continuation of the upward trend,
which had been consolidating for much of August.
. The RSI has reached 68, hovering near overbought territory,
while the MACD has crossed positively above the signal line, indicating strengthening momentum.
If prices hold above Friday’s peak at $39.06, the next resistance lies at $39.53, a multi-year high.
Breaking this barrier could pave the way toward the psychological $40.00 level. On the downside, initial support
is seen at $38.50, followed by the 100-period moving average near $37.98, before deeper pullbacks toward $37.50 or $37.00.
for XAG/USD remains bullish. As long as the price sustains above $38.00,
corrective pullbacks are likely to be treated as buying opportunities. The market sentiment strongly favors
a push toward new multi-year highs.
Experts at trust prop fund emphasize the importance of monitoring both resistance and support levels closely.
Strategic positioning during this period can help traders capture potential profits as Silver approaches key milestones.
In summary, trust prop fund views Silver’s consolidation around $39.00 as a critical juncture for further gains,
underpinned by strong technical signals and supportive macroeconomic conditions.