Silver breaks out from Downtrend

Silver (XAGUSD) broke out from its downtrend on Friday, indicating a potential reversal to the upside. However, confirmation of this move may be seen later throughout the week.

  • In the event that price breaks above the resistance level of 24.860 within the next upcoming days, it would signal strong bullish momentum that may push the price above the key support level of 25.000.
  • As the price has yet to confirm its break and creation of a support level, this week, traders may observe short-term correction to the downside towards the key support level at 24.000.