Silver Price: XAGUSD Remains Supported Past the $27.00 Mark Amid Anticipated Dollar Recovery

Silver Price: XAGUSD Remains Supported Past the $27.00 Mark Amid Anticipated Dollar Recovery

XAGUSD Price Analysis – February 21

Silver (XAGUSD) spot price continues to defy selling pressure under the $28.00 mark as the pair stays supported on dips to the $27.00 level. The white metal further raced higher towards the upside zone to maintain its positive bias due to reports of some suppliers running out during the weekend. The dollar edged lower despite its anticipated recovery.

Key Levels
Resistance Levels: $30.00, $28.90, $27.92
Support Levels: $26.77, $26.00, $25.00
XAGUSD Long term Trend: Ranging
XAGUSD prices managed to rally momentarily to the north past the $27.50 mark in the prior session after it rebound from lows at the $26.48 level. As a result, the current recovery moves can extend towards the immediate resistance line near the $27.92 level. Meanwhile, the prior week high of $27.95 and the $28.00 round-number add to barriers while targeting the month’s peak of $30.00.

To the downside, the bears will be on the lookout for a test of the psychological $27.00 level, as well as a test of February low at $25.90, which is likely to come into play at the breach of the $26.77 support zone. Below that, the significant area of support is around the psychological zone at close to the $26.00 mark, which is under both moving average 5 and 13.
XAGUSD Short term Trend: Ranging
As seen on the 4-hour chart, silver appears to be trapped within the mid-channel at the $26.77 and $27.92 levels. In the event, the price channel holds intact XAGUSD is likely to further gain support from 4 hours MA 5 and 13 crossings near the $27.20 level and return to extend gains against the US Dollar in the short term.

A possible upside target is the upside range at $27.50 and $28.90 levels, in the meantime, it is unlikely that bears could prevail in the market. That said, a sustained break below will be seen as the first signs of bullish exhaustion and turn the pair vulnerable to fall further towards challenging the key $26.00 psychological mark.

Note: Learn2.Trade 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 result

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Silver Price: XAGUSD Stays Optimistic Under $28.00 As Bulls Gather Traction

Silver Price: XAGUSD Stays Optimistic Under $28.00 As Bulls Gather Traction

XAGUSD Price Analysis – February 16

Silver (XAGUSD) price continues to range within the $27.00 to $28.00 region as buyers support the prospect for a move beyond the $28.00 and on the other hand, sellers need to refresh monthly low for entries. Silver is currently trading at $27.05 per ounce, representing a 0.50% loss on the day.

Key Levels
Resistance Levels: $30.00, $28.90, $27.92
Support Levels: $26.77, $26.00, $25.00
XAGUSD Long term Trend: Ranging
XAGUSD bulls attempted to crush January 6, 2021, old barrier around the $27.95 zone but retreated to the $26.83 level. As a result, the quote’s further upside may be challenged by a psychological horizontal line at the $27.50 level. However, if the trend stays toward breaking past $28.00 marks, the monthly peak surrounding $30.00 will be the next target.

Alternatively, a downside breach of the immediate support line, currently around $26.77 level, may take silver prices towards the low level at $26.00. However, any further weakness needs to break the yearly low of $24.01 to invalidate the XAGUSD bullish run-up.
XAGUSD Short term Trend: Ranging
Silver’s price has staged a major technical pullback after finding resistance at the psychological $30.00 level. However, on the one hand, the price for XAGUSD could likely be pushed down by the MA 5 crossing the MA 13 lower in the $27.07 range towards the $26.00 range.

Meanwhile, the rate could gain support at the $26.77 horizontal level. And from the other hand, the white metal could likely gain support from the lower level near $26.00 in the event of a plunge. Thus, some upside potential could prevail in the market during subsequent sessions.

Note: Learn2.Trade 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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Silver Price: XAGUSD Sustains Upside Rally Beyond $27.00 on Stimulus Optimism

Silver Price: XAGUSD Sustains Upside Rally Beyond $27.00 on Stimulus Optimism

XAGUSD Price Analysis – February 8

The white metal managed to recover some of the losses on Friday and has continued to rise during the European session on Monday. Silver (XAGUSD) is building on Friday’s rebound above $27.00 as the US dollar remains pressured while the $1.9T stimulus optimism favors the bulls.

Key Levels
Resistance Levels: $30.00, $28.90, $27.92
Support Levels: $26.00, $25.00, $24.00
XAGUSD Long term Trend: Ranging
The technical analysis on the daily chart shows that Silver (XAG) is advancing to test a minor resistance around $27.50. If the buyers find a foothold above that level, the next powerful hurdle at $27.92 could be put to test. The daily Relative Strength Index (RSI) holds well above the midline, suggesting that the bullish bias remains intact.

However, a clear break of the $27.50 level, comprising the aforementioned horizontal resistance line, becomes necessary for the bulls to step in. It should also be noted that the moving average 5 level of $27.20 level offers immediate resistance to the quote.
XAGUSD Short term Trend: Ranging
On the 4 hour chart, the latest XAGUSD advance may attack the top surrounding the $27.50 level before targeting the $28.90 horizontal resistance level. Though, the 4-hour channel resistance line at the $27.50 level will challenge the bulls, a break of which will quickly direct the quote towards the monthly high of $30.31 level.

Meanwhile, a downside break of moving average 13, at $26.65 level now, will fetch the commodity prices to the channel support line, currently around $26.00 level. The preferred scenario would be a long position beyond the $26.77 level with targets at $27.50 & $28.90 levels in extension.

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Silver pulls back 13%

Silver pulls back 13%

The Silver short-squeeze right? Well it´s hard to short squeeze a market so big with much less short interest than those stocks (GME, AMC, etc…) but there is a good opportunity here never the less.

Silver started rallying last Thursday and continued to rally throughout Monday to the 30.1365 level (8 year high) breaking through the highs printed back in August 2020. That´s a 22% move.

After it hits those highs prices in Silver crashed 12.80% to retest the previous broken level.

Right now we are retesting and rejecting a massive confluence of levels.

The no-trade-zone (26.10-26.77) confluences with the weekly pivot, the 61.8% retracement of the bullish move and the 1.618 retracement of the last bullish leg. Both bearish targets and levels where bulls are jumping in.

A break above the no-trade-zone would trigger momentum to the upside.

Levels to watch if this scenario plays out are the 28.40 and the 29.80

 

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Author : Orlando Gutierrez