Silver moves sharply away from highs, but remains in control at $ 24.00

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  • Silver is trading sharply below the highs reached at the beginning of the US session, but maintaining decent gains on the day.
  • A significant improvement was seen in the precious metals markets as US Treasury Secretary Mnuchin spoke ahead of the US opening.

At payment (XAG / USD) It started strong on Friday, picking up during the morning session in Asia and Europe. Amid comments from US Treasury Secretary Steven Mnuchin on the reasoning behind his decision not to authorize the continuation of the Fed’s emergency loan programs beyond Dec. 31 and to repatriate associated funds to the government coffers, there was a rebound in precious metals. XAU / USD spiked higher from roughly $ 24.20 to briefly above $ 24.50, only to then sharply reverse for the remainder of the US session, dropping below previous highs around $ 24.20. . Still, the precious metal maintains solid gains on the day of more than 13 cents or more than 0.5% on the day.

XAG / USD encounters resistance in the recent uptrend, implying a bearish bias going forward

During the Asia session on Thursday, XAG / USD broke a short-term pennant structure. The uptrend of that pennant, linking the lows of November 4, 9 and 11, appeared to come into play again today as resistance around $ 24.50. Having now broken to the downside and now retested this uptrend, the implicit bias going forward is for silver to experience lower, which is likely to be a test of this week’s lows at $ 23.63.

However, if silver bulls continue to push the precious metal higher next week, the most notable levels of resistance beyond Friday’s high, just above $ 24.50, will be Wednesday’s high around $ 24.70 and the Monday open high just above $ 25.00.

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