As with gold, silver (XAGUSD) gained from the missile attack by Iran on American soldiers stationed in Iraq. Although much of the profits have already been wiped out, the price was now above 18 dollars per ounce and tested the key resistance at 18.65.
As can be seen in the silver daily chart below, quotations have been moving dynamically north since breaking through the resistance at 17.20, and the beginning of the ongoing upward momentum is at 16.51 USD. As part of the upward trend, the price reached the resistance at 18.20 this year.
The aforementioned resistance was tested during the Monday session, and the buyers managed to overcome it at the closing of yesterday’s day. Today’s rise has caused the bulls to test another significant resistance at $18.65.
A sustained breakout of resistance at $18.65 would open the way to the 2019 maximum at $19.63.
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