Monday, 6 April 2020

Silver Price Analysis: XAG Tries To Break Through Major Resistance Level

By Vladimir Zernov

XAG


 Market optimism boosts silver as it tries to settle above the 20 EMA. 

 

Silver Gains Ground Despite Stronger U.S. Dollar As Optimism Is Widespread

Despite the continued strength of the U.S. dollar, silver is trying to get through the major resistance near the 20 EMA in the $14.50 – $14.70 area.

The U.S. Dollar Index continues its upside move and is currently trying to get through the 101 level, highlighting the strength of the American currency against a broad basket of currencies.
At the same time, the optimism in the markets helps silver to gain some ground. In addition, gold is enjoying upside as well, which is another bullish catalyst for silver.

The market is optimistic on hopes that the situation with coronavirus will stabilize soon, and that governments will start lifting virus containment measures which are hurting the economy.

 Today, we see an interesting situation when stocks, precious metals and the U.S. dollar are enjoying upside at the same time. Such moves highlight the nervous nature of today’s markets.





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