- Silver rose more than 3% Thursday on risk appetite, the dollar weaker.
- XAG / USD is back above the 20-day SMA.
At payment it rose sharply on Thursday, extending the rally that started Tuesday from $ 24.47, the lowest level since April. During the last sessions, he gained more than 5%. The key trigger for the reversal was a correction, then driven by an improvement in risk sentiment.
What started as a correction in the middle of profit-taking turned into a sharp pullback. In a few sessions, silver erased most of the month’s losses. Thursday, the XAG / USD It peaked at $ 25.79, the highest level since July 16.
In addition, gold also rose considerably on Thursday, up 1.5%. The improvement in risk sentiment also contributed to the rally in commodities. At the same time, the US dollar is falling across the board. The DXY falls 0.60%, losing ground for the fourth day in a row, to the lowest level in a month.
The XAG / USD recovered the 20-day moving average and is about to test the 200-day SMA which sits at $ 25.90. A recovery above $ 26.00 could clear the way for more gains in the near term. The positive tone is likely to remain in place as long as it is above $ 25.40.