Silver (XAGUSD) Trades With Uncertainty, Maintains Range Under $23.00

29 November 2021 | Updated: 29 November 2021

XAGUSD Price Analysis – November 29

During the Monday session, Silver (XAGUSD) consolidates monthly losses around the $23.00 levels after a pullback from the intraday high at the $23.44 level. Throughout the first half of the day, the white metal remained bid and was last seen trading at $22.98, down roughly 0.70% on the day.

Key Levels
Resistance Levels: $24.50, $24.00, $23.50
Support Levels: $22.50, $22.00, $21.42
XAGUSD Long term Trend: Ranging
Sellers have regained control of the Silver (XAGUSD) in the medium to long term, as the price continues to attack beneath the near-term horizontal support zone at $23.00. It also coincides with ascending trendline support, forming a formidable obstacle for the bears.

The white metal bounced back from the ascending trendline support at $22.80 to reach an intraday high, and a breach above that level might lead to a test of the horizontal resistance zone at $23.50. The daily Relative Strength Index (RSI) is trending south, indicating more downside potential.
XAGUSD Short term Trend: Ranging
From a short-term technical standpoint, Silver (XAGUSD)is seeking recovery after hitting firm support at $22.93, and momentum indicators are also portraying a bleak short-term picture.

A strong break over the horizontal resistance at $23.50 could pave the way for a higher milestone at $24.00. The $24.50 level represents the next upside objective. Near-term important support is found at $22.50, which acts as a stopgap for additional silver loss towards the yearly low of $21.66.

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Silver (XAGUSD) Drops As USD Strengthens on Risk-Off Market Tone

21 November 2021 | Updated: 21 November 2021

XAGUSD Price Analysis – November 21

At the time of writing, Silver (XAGUSD) ended the prior session in the red, down about 1%, at the $24.55 level. In the equity markets on Friday, there was a risk-off market tone which strengthens the greenback. The pair may remain distressed under the $25.00 barrier in the new week, as the US dollar gains strength.

Key Levels
Resistance Levels: $26.00, $25.50, $25.00
Support Levels: $24.50, $24.00, $23.50
XAGUSD Long term Trend: Ranging
As the market is seen to challenge the near-term horizontal support zone now at the $24.50 level, XAGUSD sellers have regained medium-term dominance. The ascending trendline support, which may operate as a backstop, lies beneath the $24.00 level, making it a good base for the bears.

On growing USD strength, the white metal has fallen from the resistance around the moving average 5 hurdle, and a break below the $24.50 level might lead to a test of the horizontal support zone at the $24.00 level. The daily Relative Strength Index (RSI) is heading south, indicating that more negative correction is possible.
XAGUSD Short term Trend: Ranging
The XAGUSD was last spotted languishing at $24.62 on the upper channel of its 4-hour chart. Meanwhile, technical indications on the 4-hour chart have been trending downward, indicating that further weakness is likely. However, the short-term RSI’s possible rebound should be viewed with caution before setting for a further decline.

A strong break below the horizontal support at $24.50 could lead to a lower mark at $24.00. The next upside objective, on the other hand, is at the $25.00 level. Near-term important support is found at $24.00, which acts as a stopgap for an additional silver decline towards the monthly low of $23.02.

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Silver (XAG) Daily Close Above $24 Handle Paves the Way

7 November 2021 | Updated: 7 November 2021

Silver (XAG) Price Analysis – November 7

The price of spot Silver (XAG) has risen significantly in recent trade having breached the $24.00 handle for now. The precious metal buyers look to conquer further barriers and pave the way for an upward move towards the $24.50 level. A continued decline in global and US yields would be required for such a move higher.

Key Levels
Resistance Levels: $25.50, $25.00, $24.50
Support Levels: $23.50, $23.00, $22.10
XAGUSD Long term Trend: Ranging
Silver (XAG) has demonstrated a positive breakthrough beyond the $24.00 resistance level on the daily chart from a technical standpoint. The nearest resistance is likely to be at $24.50, while the first and second support levels are expected to be at $23.50 and $23.02, respectively.

Since the end of October, silver has been climbing in a rising pattern versus the US dollar. Meanwhile, throughout the next session, the rate may find support from the rising trendline support around the $23.50 range. As a result, the price of silver may continue to rise in the present and next session.
XAGUSD Short term Trend: Ranging
On the 4-hour time frame, bulls are currently supporting an optimistic relative strength index trend to hit $24.50 in a second attempt to surpass upward. However, the commodity’s future gain may be hampered by the barrier zones around $24.82 and $25.00.

During the metal’s decline, the $23.50 level is the important support to consider ahead of the psychological horizontal support level near $23.00. If the price falls below $23.00, the $22.10 support level may come into focus, as a negative breach of the level might encourage the bears.

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Silver (XAG) Slides Lower, Enabling Bears After a Recent Drop From $24.00

31 October 2021 | Updated: 1 November 2021

Silver (XAG) Slid Lower, Enabling Bears After a Recent Drop From $24.00

Silver (XAG) prices plummeted in the prior session. The XAGUSD pair fell to $23.65 low as the US dollar rose, its lowest level in a week. The white metal appears to have found acceptance below $24.00, with intraday losses of roughly 0.70 percent. Meanwhile before its weekly close, Silver has gained ground, exiting the prior day at $23.89.

Key Levels
Resistance Levels: $25.00, $24.50, $24.00
Support Levels: $23.50, $22.87, $22.10
XAGUSD Long term Trend: Ranging
Overall, Silver (XAG) risks remain bearish, with the $23.65 Friday’s now serving as the next important downside target. The level of $23.50 will be the one to beat for the bears. The falling RSI circumstances, which hint at a $22.87 level as a horizontal support level, are likely to bolster the silver bears.

The white metal is currently trading with minor weakness near the $24.00 level, as it attempts to recover. On the other hand, if the Silver price trades above the $24.00 level confluence zone, the bullish traction may gain traction and activate buying orders, perhaps triggering a sharp surge in silver to the $25.00 high level.
XAGUSD Short term Trend: Ranging
XAGUSD has broken into a bearish channel, according to technical analysis on the lower time frame, and may trade between the near-term resistance level of $24.00 and the short-term low of $23.50. If a lower breakout occurs, white metal will continue to drop towards the next support level of $22.87.

A comeback to the $24.00 level is feasible above the $23.50 level. Silver may bounce back from extremes and trade in the $24.50s, but gains over the current high of $24.82 remain probable. Short bets are most probable below $23.50, with extension targets of $22.87 and $22.10.

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Silver (XAG) Stays Positive, With the $25.00 Barrier in View

24 October 2021 | Updated: 24 October 2021

Silver (XAG) Price Analysis – October 24

Silver (XAG) has slid back from levels just underneath the $25.00 barrier, retreating under the $24.50 area on the strength of the US dollar’s strong reaction to Fed Powell’s comments during the prior session. The white metal was last seen trading roughly 0.71 percent higher, slightly around the mid-$24.00s.

Key Levels
Resistance Levels: $26.00, $25.50, $25.00
Support Levels: $24.00, $23.50, $23.00
XAGUSD Long term Trend: Ranging
Bulls in the XAGUSD attempted to break through an old barrier around the $25.00 level of September 3, 2021 but retreated to the $24.32 level. As a result, a psychological horizontal line at $24.50 may provide a threat to the quote’s upward bias. If the trend continues to break through the $25.00 barrier, the August peak around $26.00 will be the next target.

Conversely, a break below the following support line, which is currently around $24.00, might push silver prices down to the low of $23.50. Any more weakness, however, must break through the yearly low of $21.42 to render the Silver (XAG) bullish run meaningless. The white metal may continue upwards in the next session.
XAGUSD Short term Trend: Ranging
On the 4-hour chart, the Silver (XAG) momentum oscillators indicate that more sideways movement is likely. The RSI is trending south above its neutral 50 lines, signaling negative momentum, and the moving averages 5 and 13 are converging.

Above the $24.00 handle, the XAGUSD price signals more horizontal movement. The white metal is currently trading above short-term support levels, but the bullish structure is fading. If the bulls reclaim control, however, price rises may first stop near the recent highs of $24.82.

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Silver (XAG) Erases Gain Amid Positive Move Towards $23.50 Level

18 October 2021 | Updated: 18 October 2021

XAGUSD Price Analysis – October 18

Silver (XAG) positive fortunes faded around the $23.50 mark, with the price erasing its most recent thrilling bounce above the moving average of 13. During the Monday session, the commodity rose slightly and was last seen lingering near day highs in the $23.22 -$23.40 range.

Key Levels
Resistance Levels: $24.50, $24.00, $23.50
Support Levels: $22.87, $22.10, $21. 42
XAGUSD Long term Trend: Ranging
Today, the white metal has struggled and it’s unable to break above the top range of the surge around $23.50, it is currently trading in the red at $23.22 per ounce. Beyond the $23.50 mark, the bulls may regain a stronger grasp.

The XAGUSD pair is held by the rebound trend and the trend may remain in a recovery mode. A closing above today’s upper range, currently at $23.45, might signal a low rebound from the $21.42 level continuation of the rally that began in late September, paving the way for a break beyond the $23.50 barrier.
XAGUSD Short term Trend: Ranging
Silver (XAG) has a greater range on the 4-hour time frame from late September lows at a level of $21.42, suggesting potential upside. As a result, the metal continues to climb. It has already broken through the previous high of $23.00, signaling that the next upward phase is underway.

The pair is expected to find support at $22.87, and a break of that level might take it to the next level of $22.10 support. The pair is expected to hit its initial critical resistance around $23.50, with a break taking it to the next level of resistance at $24.00.

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Silver (XAGUSD) Climbs Beyond Mid $22.00 on Widespread US Dollar Weakness

3 October 2021 | Updated: 3 October 2021

XAGUSD Price Analysis – October 3

Silver (XAGUSD) is extending its upward trend, pushing up from recent lows around $21.50 while climbing beyond the mid $22.00 level of Friday. Falling US bond yields are boosting the surge in XAGUSD, with the 10-year benchmark note coupon resting at 1.520 percent, down roughly two basis points (bps).

Key Levels
Resistance Levels: $24.00, $23.50, $22.87
Support Levels: $22.10, $21.42, $21.00
XAGUSD Long term Trend: Bearish
Beyond its moving averages 5, Silver (XAGUSD) found new buyers, extending the pullback from the bottom of the horizontal support level at $21.42. A strengthening bullish bias can be seen in the upward-sloping RSI mixed with a recovering price action that has broken through moving average 13.

A rise from the $21.42 level is considered as a rebound phase of the pattern from $30.13 high in the bigger context (2021 high). The next target for a rally is the cluster resistance at $23.50. As long as the $22.10 resistance turned support level holds, this will be the preferred scenario.
XAGUSD Short term Trend: Ranging
Silver (XAG) has rebounded further from a technical standpoint, as demonstrated on the 4-hour chart. It has now recovered to levels above both the 5 and 13 moving averages, as well as above the short-term RSI midline. The nearest resistance is at $22.87, while the first and second support levels are predicted to be around $22.10 and $21.42, respectively.

The XAGUSD rally will be continuing today, with the intraday bias pointing to the $22.87 barrier. A break there will confirm that the corrective comeback from the $21.42 level has resumed. On the upside, a break above the $23.50 minor barrier will trigger a positive intraday bias.

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Silver (XAGUSD) Under Pressure at Mid $22.00 on Declining Metal Prices

19 September 2021 | Updated: 19 September 2021

XAGUSD Price Analysis – September 19

With rising energy costs and plummeting metal prices, Silver (XAGUSD) is under severe strain. After better-than-expected US economic data in the prior week, precious metal prices plummeted and are under pressure around the mid $22.00 level. XAG fell below the important $23.50 mark and had since experienced increased selling.

Key Levels
Resistance Levels: $24.50, $24.00, $23.50
Support Levels: $22.10, $21.66, $21.00

XAGUSD Long term Trend: Bearish
In the prior week, XAGUSD moved lower and experienced heavy selling pressure after the precious metal failed to hold above the key $23.50 level. Silver is a disappointment for investors as the white metal was unable to substantially bounce off support at the $22.87 level. Although the white metal stays oversold below the RSI 30 zone.

XAGUSD fell below the important $23.50 mark and experienced increased selling. The attempt to climb above the $22.87 mark failed, which further increased the selling pressure on the white metal. We are now seeing further downside potential for Silver with the next stronger support at $21.66 during the new week.
XAGUSD Short term Trend: Bearish
In the short term, the XAGUSD price is projected to move sideways before reversing towards the moving averages 13 (above $23.00 key level). Bears would immediately set their sights on $22.00, with a breach risking a move to $21.66.

Bears are aided by bearish short-term analysis and negative sentiment, which are aiming for oversold circumstances for the time being, but some price correction is possible. In the following session, upticks above the horizontal low level of $22.10 are projected to present stronger opportunities to re-join the positive market.

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XAGUSD Surges on Dismal US Jobs Report Amid Depressed Dollar

5 September 2021 | Updated: 5 September 2021

XAGUSD Price Analysis – September 5

Silver (XAG) is up 3.90 percent from the last session, assisted by the dismal NFP report, which came in below forecasts. XAGUSD reached $24.87, its highest level in a month, as per the technical analysis. The dollar stays depressed overall, extending weekly losses.

Key Levels
Resistance Levels: $26.00, $25.50, $25.00
Support Levels: $23.50, $22.87, $21.89
XAGUSD Long term Trend: Ranging
Long-term and mid-term bias is optimistic, and a climb towards $25.00 is expected if the broken $24.50 barrier level remains as support. On the other side, a break and closure below $24.50 would bring the $24.00 level back into focus. The pair is ranging and may go either way this week.

On the contrary, we’ll anticipate more downside below $24.50, with objectives of $24.00 and $23.50 on dollar’s strength. From a technical standpoint, a breakout south might happen in the next several trading days. In this instance, the XAGUSD exchange rate might find support at 23.50 percent and $23.00.
XAGUSD Short term Trend: Ranging
The recent breakout past $24.50 is expected to last through the coming trading sessions from a technical standpoint. In this case, the horizontal support level of $24.00 could provide support to the XAGUSD exchange rate in case of a retracement. The RSI stays overbought in the short term.

The pair is expected to find initial support at $24.50, however, further breach lower may go with a slide through taking it to the next support level of $24.00. On the positive, the pair is expected to hit its first level of resistance around $25.00, with a spike through taking it to $25.50.

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XAGUSD Mounts a Surprise Rebound to the Vicinity of $24.00

29 August 2021 | Updated: 29 August 2021

XAGUSD Price Analysis – August 23

After plunging to lows of $22.87 at the beginning of the prior week, XAGUSD pulled off stunning comebacks to close at $24.02. In a risk-off environment, the US dollar has softened, pushing silver to an extended region. Coupled with significant macroeconomic data releases from the US, the latest COVID wave is anticipated to cause some slowing.

Key Levels
Resistancw Levels: $25.50, $25.00, $24.50
Support Levels: $22.87, $21.89, $20.65
XAGUSD Long term Trend: Ranging
XAGUSD has risen beyond the psychological $24.00 level and in the coming session may continuing to gain upward momentum. Silver has a fair probability of returning towards the bullish region between $25.00 and $27.00.

On the support side, the horizontal support level at the $23.50 level confluence zone is the immediate support level for silver. For silver bulls, a move below the confluence zone will be a struggle since it will indicate that silver is losing momentum. In this event, silver will fall to $22.87, which is a tested support level.
XAGUSD Short term Trend: Ranging
The short-term oscillators on the 4-hour chart also imply increased positive momentum as the RSI remains into the bullish zone, perhaps enhancing the good outlook in price despite trading at the bottom of the chart.

On the downside, the $23.50 level, a close support area, may provide some support, but a breach at this point is unlikely to draw much notice unless the price falls below the strong support of the lower tested zone, which is currently at $22.87.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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