Listen to the latest market mood for the XAGUSD pair.
The longer-term bullish picture for gold and silver remains in place as central banks around the world have cut interest rates. With bonds offering a low yield, equities uncertain after a great run from March lows, and the world in a grip of a recession metals like gold and silver have historically done well. With silver breaking out of a trend line on the weekly chart more gains may be ahead. Expect buyers at market and buyers on stop at 19.55.
Swing trade outlook – We expect this trade to play out over the next 2-4 weeks.
Trade Risks: If silver has a weekly close on Friday below $19 then technically the pair is not ready to break out and the trade should be closed, or stops put in at $18.50.