Silver has remained in a neutral zone today, with the commodity experiencing a relatively quiet day in the market. XAG is still trading above $26, with bullish sentiment expected to push its price higher in the coming hours.
Silver Still Trading Above $26
Wednesday was a relatively quiet one for Silver, as the commodity continued to trade above the $26 mark. The precious metal started the day trading at $26.158 and maintained that level during the European and US markets.
The bulls were unable to breach the $26.25 resistance level, leaving Silver to trade below $26.20 for the entire day. The forecast had predicted that Silver would be trading between 25.60 support and 26.50 resistance, and it stayed within that region.
If the XAG/USD pair had breached the 26.25 resistant level, it could have set the tone for the precious metal to rally higher and move towards 26.80. However, with the US Dollar performing excellently for the third consecutive day, it was tough for Silver to embark on any significant rally.
Sustained Momentum Could Push Silver Higher
Year-to-date, Silver’s performance has been neutral. The rallies in February and May saw the precious metal rose close to the $29 mark. However, it had mostly stayed between $25 and $26. With the US Dollar performing excellently, it would be tough for the XAG/USD pair to soon reach the $29 mark.
However, a sustained momentum from the bulls would be enough to push Silver above the $27 mark. Failure to mount a serious challenge could leave them defending the critical support zone around $25. At the time of this report, XAG/USD pair is trading at $26.160.