XAGUSD Boosts Gains From Weekly Lows, Further Advances Likely

XAGUSD Boosts Gains From Weekly Lows, Further Advances Likely

XAGUSD Price Analysis – May 16

At the end of the prior session, the white metal turned positive away from weekly lows of $26.72 and shot to two-day highs, around $27.48 level. XAGUSD trend appears to be stacked in favor of buyers, implying that further advances are likely. Following worse-than-expected US results, the dollar fell on Friday.

Key Levels
Resistance Levels: $30.13, $28.90, $27.92
Support Levels: $26.72, $25.50, $24.50
XAGUSD Long term Trend: Ranging
In terms of the technical context, the XAGUSD has been trending higher along an upward sloping moving average (MA 13) extending from Apr.13 lows around the $25.00 level. The recent pullback from the $30.13 yearly high stalled near the ascending trendline. The low around the daily ascending trendline at $23.78 could provide immediate support in the event of an unexpected decline.

Any further upward movement from current levels may face fierce opposition near the immediate horizontal level at $27.50. A valid breach beyond the $28.00 mark will drive the XAGUSD past the upside channel hurdle near the $28.32 supply zone, pressuring the prior tops. A steady step towards the February 1 highs may be possible if it breaks above the $27.50 mark.
XAGUSD Short term Trend: Ranging
Silver appears to be launching toward a significant technical barrier at the $27.50 mark, as seen on the 4-hour chart. If the barrier holds, XAGUSD is likely to find support near the $26.72 level thanks to a 4 hour moving average of 13 which seems to be a return to expand gains against the US Dollar in the short term.

The upside range between $28.00 and $30.00 may be a potential upside target; in the meantime, bears are unlikely to win the market. A sustained break below, on the other hand, can be seen as the first signs of bullish fatigue, putting the pair at risk of testing the $25.00 region.

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Silver Price: XAGUSD Bulls Have Eyes Toward Mid $28.00 Region on Softer US Dollar

Silver Price: XAGUSD Bulls Have Eyes Toward Mid $28.00 Region on Softer US Dollar

XAGUSD Price Analysis – May 9

Silver (XAG) surged to two-month highs of $27.67 to close at $27.45 on Friday, gaining nearly 20 percent for the week. As XAGUSD surges higher, buyers have eyes toward the mid $28 region. A major disappointment on the headline NFP number could explain Silver’s towards the end of the prior week on a softer dollar.

Key Levels
Resistance Levels: $30.13, $28.90, $27.92
Support Levels: $27.00, $26.00, $25.00
XAGUSD Long term Trend: Ranging
The white metals moving averages 5 and 13 have almost a bullish pattern, but the trend does not necessarily mean a price spike. Silver is currently opening from 0.53 percent higher on the day at $27.45, and the white metals relative strength index (RSI) almost reached the 70 bullish lines, but the 70 lines do not necessarily imply an overbought region but the beginning.

To validate a bullish turnaround, XAGUSD must fall below the recent high of $27.67. For the bears, the $26.65 level is the one to beat. Since the beginning of April, that level has acted as a solid ceiling for the buyers on some occasions. As long as prices remain within the prior week’s higher trading range of $26.65 to $27.67, the initial bias may remain neutral.
XAGUSD Short term Trend: Bullish
On the 4-hour chart, spot silver is gaining further upside momentum from a technical standpoint. After breaking above the $27.00 mark and overall above the short-term MA 5 support, XAGUSD is holding up well. The 13 moving average is skewed upward.

The nearest support level is $27.00, while the first and second resistance levels have been pushed up to $27.92 and $28.90, respectively. On the one hand, some upside capacity in the market is likely to persist throughout the subsequent trading session.

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Silver Price: XAG/USD Upside Run Limited Within the Mid $25-Mid $26 Range As Upbeat US Data Supports USD

Silver Price: XAG/USD Upside Run Limited Within the Mid $25-Mid $26 Range As Upbeat US Data Supports USD

XAGUSD Price Analysis – May 1

The XAGUSD pair attempted to break through the mid $26 in the prior week, as the price tanked cautiously while investors remained cautious and aware of the upbeat data that supported the USD. Durable Goods Orders increased by 0.5% in Mar., following a 0.9% decline in Feb, as per the US Census Bureau.

Key Levels
Resistance Levels: $27.50, $26.65, $26.00
Support Levels: $25.50, $25.00, $24.50
XAGUSD Long term Trend: Ranging
XAGUSD risks are also weighted to the upside, as the price has broken through the psychological range level of $26.00. The $26.65 resistance level is the next appropriate upside point. For the bears, the $25.00 support level would be the one to beat. The floating RSI conditions above midlines are likely to test the silver bears in the subsequent sessions.

Although attempting to rebound, the white metal is currently trading with moderate weakness about the $25.92 mark. If Silver price trades above the $26.00 level confluence zone, on the other hand, the upside momentum can gain traction and cause buy orders, apparently triggering an abrupt upside move in silver towards the $26.65 and $27.50 high level.
XAGUSD Short term Trend: Ranging
Technical analysis on the lower time frame shows that XAGUSD has broken into a downward channel and can trade between the near-term resistance level of $26.00 and the short-term low of $25.50. Any such lower breakout will keep white metal selling towards the next support level of $25.00.

Above the $25.50 mark, a recovery past the $26.00 level is possible. Silver may have recovered from its extremes and is now trading above the mid $25.00s, but it is still down more than 0.5% from the last session high. Short positions below $26.00 are most probable, with expectations at $25.50 and $25.00 in extension.

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Silver Price: XAGUSD Reverses From Daily Highs, As Further Weakness Stays in Focus

Silver Price: XAGUSD Reverses From Daily Highs, As Further Weakness Stays in Focus

XAGUSD Price Analysis – April 25

After failing to consolidate the prior week’s high at $26.30, Silver (XAG) has dropped back towards the $26.00 level with Friday’s close of $25.85 level. A sharp rise in US Treasury bond yields appears to be putting pressure on the white metal. From the last session, the benchmark 10-year US T-bond yield stays at 1.567 percent, up nearly 2%.

Key Levels
Resistance Levels: $28.90, $27.50, $26.64
Support Levels: $25.50, $24.50, $23.50
XAGUSD Long term Trend: Ranging
With prices consolidating beneath the $26.65 resistance zone, XAGUSD has held a tight grip near the moving average of 5. The resistance level near $26.64 remains within reach on the upside. However, only a good close above the prior day’s high at the $26.40 level can signal additional gains.

In the white metal, the pair may open with a downside bias. If Silver loses the $26.00 round number, we foresee a drop to the $25.00 support band during the new week. The relative strength index is almost at its midpoint, which may indicate a weakness in price near the $26.00 support mark.
XAGUSD Short term Trend: Ranging
The XAGUSD price is expected to trade sideways in the near term before it flips moving averages 13 into support, which is located above the $26.00 mark. Bears would set their sights on $25.50 as an immediate target, with a breach risking a move towards a $25.00 support band.

Bearish short-term analysis and negative sentiment aid bears, who are ignoring the recent bounce from $23.78 Mar.31 low for the time being, although some price adjustment may be anticipated. Downticks beneath key support are expected to provide better opportunities to re-join the bearish market in the coming session.

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Silver Price: XAGUSD Continues To Edge Higher As USD Strength Dwindles

Silver Price: XAGUSD Continues To Edge Higher As USD Strength Dwindles

XAGUSD Price Analysis – April 18

This week, silver (XAG/USD) price may continue rising as the white metal breaks out of its recent range around $26.00 on Friday. XAGUSD has reached a high of $26.30 during the prior session, following its price action from the $25.84 opening price. The surge in the dollar during the last session was stifled by USD sellers looking for a deal, and the DXY is now trading lower.

Key Levels
Resistance Levels: $28.90, $27.50, $26.77
Support Levels: $25.50, $24.50, $23.50
XAGUSD Long term Trend: Ranging
The price of XAGUSD has convincingly broken to the upside of its range, and the key resistance level to watch is $26.77 and $27.50 levels, which has capped its upside since March 3rd. In the event of an unexpected downturn, the previous low around the daily ascending trendline at $23.78 should provide immediate support.

Alternatively, if the $26.77 and $27.50 level fails to hold, silver prices could be poised to make more advances in the medium to long term. Over the last few sessions, the price activity has been largely consolidating beneath the $26.00 levels. If it breaks above the $27.50 mark, a steady move towards the February 1 highs would be possible.
XAGUSD Short term Trend: Ranging
Silver appears to be limited by a significant technical barrier at the $26.30 mark, as seen on the 4-hour chart. If the barrier holds, XAGUSD is likely to find support near the $25.50 level and thanks to the 4-hour moving average 13 to slow the bears and expand gains against the US Dollar in the short term.

The upside range between $26.77 and $27.50 may be a potential upside target; in the meantime, bears are unlikely to win the market. A sustained break below, on the other hand, can be seen as the first signs of bullish fatigue, putting the pair at risk of testing the main $25.00 psychological level.

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Silver Price: XAGUSD Reverses Gain Under Mid $25.00 Level As Downside Risk Increases

Silver Price: XAGUSD Reverses Gain Under Mid $25.00 Level As Downside Risk Increases

XAGUSD Price Analysis – April 11

During the previous session, the price of the white metal was under tremendous pressure and fell below the mid $25.00 mark. The selling bias would be reversed if the price rises above the $25.00 breakpoint. The lack of long-term downside is likely since US government bond yields have fallen back to pre-release levels.

Key Levels
Resistance Levels: $28.90, $27.50, $26.00
Support Levels: $25.00, $24.50, $24.00
XAGUSD Long term Trend: Ranging
The reversal is supported by the XAGUSD’s inability to attempt the horizontal level at the $26 level from recent lows while remaining above the ascending trendline support at $23.78. The support level at $25.00 will be the level to beat for the bears. It should be noted that the ranging RSI conditions are likely to bolster further consolidation.

Although attempting to rebound, the white metal is currently trading with minor weakness about the $25.00 mark. If Silver price trades above the $26.00 level confluence zone, on the other hand, the upside momentum can gain traction and cause buy orders, apparently triggering an abrupt upside move in silver towards the $27.50 high level.
XAGUSD Short term Trend: Ranging
The XAGUSD price is expected to trade sideways in the near term before it flips moving averages 13 into support, which is located above the $25.50 mark. Bears would set their sights on $25.00 as an immediate target, with a breach risking a move towards $24.50.

Bearish short-term analysis and negative sentiment aid bears, who are aiming towards oversold conditions for the time being, although some price adjustment may be anticipated. Upticks above the ascending trendline are expected to provide better opportunities to re-join the bullish market in the coming session.

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Silver Strongly Bullish!

Silver Strongly Bullish!

Silver rallies at the time of writing and it stands at 25.449 level. The price has taken out the immediate obstacles signaling strong buyers.

The price has developed a short-term rebound after the last massive sell-off. The current risk-off sentiment that dominates the markets could send Silver higher in the short term.

XAG/USD H1 Chart Analysis!

XAG/USD jumped above the downtrend line and it has registered a valid breakout above the 50% retracement level. Now is pressuring the weekly R1 (25.447) level.

Closing above it and beyond 25.409 today’s high could announce more gains ahead. The price has retested the 50% retracement level sliding line (sl) confirming the upside breakout.

The price is bullish after stabilizing above the ascending pitchfork’s median line (ml). Now is traded above the inside sliding line (sl) which acted as a dynamic resistance. The upper median line (uml) is seen as the next upside target and obstacle.

Conclusion!

The breakout above the downtrend line and through the 50% retracement level could bring a larger growth.

 

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Silver Upside Continuation!

Silver Upside Continuation!

Silver is traded at 24.807 at the time of writing and it could try to resume its rebound after ending the temporary decline. XAG/USD could continue to increase in the short term if the US Dollar depreciates versus the other major currencies.

The price has rallied since last week reaching 25.050 today. Now it has retreated a little to test the immediate support levels before jumping higher again.

Silver H1 Chart Technical Analysis!

XAG/USD is traded above the minor ascending pitchfork’s median line (ml). It has come back down to test and retest the median line (ml) and the pivot point (24.733) before resuming its growth.

Stabilizing above the median line (ml) could signal that silver may approach the next downtrend line and the ascending pitchfork’s upper median line (uml).

Silver Conclusion!

XAG/USD maintains a bullish outlook term after breaking above the downtrend line and after closing above 24.529 former high.

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Silver Price: XAGUSD Sustains Sideways Run Above $26.00 Ahead of Key US Data

Silver Price: XAGUSD Sustains Sideways Run Above $26.00 Ahead of Key US Data

XAGUSD Price Analysis – March 21

The prior week’s price action has confirmed Silver (XAG) to be constrained within a sideways run within and above the $26.00 zone. The XAGUSD pair is attempting to safeguard its gains after its rebound from the Mar. 5 lows at $24.83 levels. In the new week, the Silver market will react to key data, preliminary Markit PMI report for March from the United States.

Key Levels
Resistance Levels: $30.00, $28.50, $27.50
Support Levels: $25.00, $24.00, $23.50
XAGUSD Long term Trend: Ranging
In the prior week, XAGUSD bulls attempted to crush the old barrier around the $26.77 zone but retreated beneath the $26.00 level. As a result, the quote’s further upside may be challenged by a psychological horizontal line at the $27.50 level. The RSI is also in a sideways territory around 50, so a rebound is not out of the question. The $26.77 acts as an initial barrier.

Alternatively, Silver (XAG) may attempt the immediate support line, which is currently around the weekly low at $25.38 level, and may take silver prices towards the low level at $25.00. 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
On the 4-hour time frame, the bulls may wait for a further pullback to the $26.00 level to enter the upside market, which is around the prior week’s high at $26.63 level. Below the ascending trendline support is the $25.00 level (which is also near the lows of March). The first resistance is at the 27.50 level, then the Feb. 22 highs at $28.32.

If the price breaks above there, the high at $28.90 is the next focus for the bulls & extension from there may attempt the yearly highs at the $30.13 level. Thus, some upside potential could prevail in the market during subsequent sessions. XAGUSD may continue moving in a sideways pattern until anticipated fundamentals coming from the united states are released this week.

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Silver (XAGUSD) Is in a Sideways Trend, May Resume Upward

Silver (XAGUSD) Is in a Sideways Trend, May Resume Upward

Key Resistance Levels: $30.00, $31.00, $32.00
Key Support Levels: $24.00, $23.00,$22.00

Silver (XAGUSD) Long-term Trend: Bullish
Silver (XAGUSD) is in a sideways trend since January 2021. The price is facing rejection at level $28.00. The bulls have retested the overhead resistance thrice but could not sustain the bullish momentum above it. Each time the bulls break above it, the price will fall back into the range-bound zone. Presently, the market is rising above the low of $25.00.

XAGUSD – Daily Chart

Daily Chart Indicators Reading:
The price has risen to level 45 of the Relative Strength Index period 14. It indicates that Silver is in the downtrend zone. The price has broken below SMAs which indicates that Sliver is falling. The SMAs are sloping horizontally indicating the sideways move.

Silver (XAGUSD) Medium-term bias: Bullish
On the 4 hour chart, the XAGUSD is making an upward move. On March 9 uptrend, a retraced candle tested 61.8% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.618 Fibonacci extensions or $26.78 high.

XAGUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAGUSD is above the 25% range of the daily stochastic. It indicates that the price is in a bullish momentum. The Silver is in a bullish crossover. The 21-day SMA crosses over the 50-day SMA indicating that the price is likely to rise.

General Outlook for Silver (XAGUSD)
XAGUSD has been in a sideways move. The market is resuming upward after falling to a level of $25.00. According to the Fibonacci tool analysis, the present uptrend is likely to reach a high of $26.78.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.