- Metals at monthly highs, even when returns are stable.
- XAG / USD is heading towards the third highest daily close since September.
After a correction, metals rose again and jumped to monthly highs. At payment it rose to $ 28.15, reaching the highest level since February. It is up 2.60% on Monday. Gold is also markedly higher, above $ 1,860.
A consolidation of XAG / USD above $ 28.00 would point to higher gains. The next strong resistance is around $ 28.25 / 30. The bullish bias is likely to remain intact as long as it is above $ 26.60. A break below the mentioned level should clear the way for further losses. On the upside, a daily close clearly above $ 28.30 would point to an upward extension towards the $ 29.00 area.
On Monday, the metals rally is taking place even as US yields are flat and stock prices on Wall Street fell modestly. A weaker US dollar helps push metals up as the DXY nears 90.00.
Daily chart
Technical levels
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