- Silver prices (XAG / USD) saw an impressive rally on Tuesday, rising from just over $ 22.50 to $ 24.00.
- The drop in precious metal purchases amid expectations of increased pressure on real yields spurred the move.
Silver Spot Prices (XAG / USD) They have seen a huge rally of more than 6% on Tuesday from just over $ 22.50 in Monday’s forex market near just under $ 24.00 before Tuesday’s forex close. As it stands, the XAG / USD is trading with gains of about $ 1.40 on the day.
Silver breaks above short-term downtrend and breaks through key resistance
Silver broke through several key areas of resistance during its rally on Tuesday. First, the precious metal outpaced a short-term downtrend that it had been trapped in for most of the second half of November. Furthermore, the XAG / USD also broke above a longer-term uptrend linking the lows of September 24 and October 29. The rally was only stopped when the precious metal reached its 21- and 50-day moving averages, which are just above the $ 24.00 level.
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