Silver price (XAG/USD) shifts auction above the crucial resistance of $23.00, which has turned into support for bulls. The white metal strengthens as
Silver price seems comfortable above $23.00 as Israel-Palestine conflicts deepen. Joe Biden remained ‘loud and clear’ that the US stands with Israel. Silver trades in a Rising Channel pattern in which each pullback is considered a buying opportunity. deepening conflicts between Israel and Palestine have strengthened the appeal for safe-haven assets. The S&P500 opens on a bearish note amid a cautious market mood.
For further guidance, investors will focus on the speech from Federal Reserve Chair Jerome Powell, which is scheduled for Thursday. The guidance from Jerome Powell on the interest rates will be keenly watched. Silver technical analysis Silver trades in a Rising Channel chart pattern in which each pullback is considered as a buying opportunity by the market participants. Upward-sloping 20-period Exponential Moving Average at around $23.00 indicates that the short-term trend is bullish.
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