Overview : Spot silver prices have seen significant volatility already on Monday, swinging to highs just under $27.50 and lows just below $25.00. Markets have been roiled by the latest Covid-19 developments out of the UK. The XAG/USD has much volatility in the market as the market if following its good momentum now the market factor is also responding towards the market. the market has power towards the bullish side. the bulls are showing their power in the market and make steps towards the buy-side in the market. Due to the COVID-19 vaccine, the whole world is on the stage on improving. The bulls are showing their fuller force but at somewhere they are finding pullback from the downside. The main investors are looking forward towards the main investment in the market ands are ready for the buy in the market many of the traders are on the mode of looking for momentum in the market. The dollar is towards its positive side in the market it getting its month high this time and setting in the peak towards the month top. The bulls are controlling the market and suggesting to play at the front foot.
Technical Analysis: From the technical point of view, we can say that the market is moving towards the upside trend in the market. This strength in USD from the month high this time. Its should however we noted that the market propels the billions towards the upper line of the stated wedge. On the daily chart, we can see that price is moving towards the upper side in the market and the RSI is also moving towards the upper side in the market. the odds are favoring the bulls in the market and riding the market towards its north side in the market. In cast the bulls gain more momentum there will be a breakout at the resistance level of 27.50and this will expose the mental strength in the market. which gives the accurate safe zone for the buyers to buy. Meanwhile, the market is in a range-bound position. So, for the time while we suggest our buyers to go for buy and buy from the dips in the market. The support of the market is 25.00 followed by 24.21 and the resistance is 27.95 followed by 29.14
Trade Idea: We can conclude that from the above content that traders should go buy for the level 25.60 and target will be 27 and 29 and stop loss will be 24.14.
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