Silver Price: XAGUSD Recovery Stalls Pansi pa $24.50 Level As Dollar's Advance Ikupitilira

Aziz Mustapha

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Kufufuza Mtengo wa XAGUSD - Okutobala 26

XAGUSD confronts selling pressure on Monday as coronavirus concerns weighed over the risk sentiment and strengthened the haven demand for the US dollar. The white metal dropped to the $24.09 level, the lowest level since Oct.15, during the early trading hours. The risk-off occurs as the US registered a surge in the number of coronavirus cases.

Magawo Aakulu
Magawo Otsutsa: $ 30.00, $ 27.62, $ 25.56
Magawo Othandizira: $ 23.25, $ 21.66, $ 19.65
XAGUSD Kutalika Kwanthawi: Kusintha
From a technical analysis perspective, a break above the Oct. 12 high of $25.56 level is needed to confirm an end of a pullback from the record high of $29.85 level and resume the broader uptrend. On the downside, the ascending trendline support is the level to beat for the sellers.

On the flip side, the bulls are likely to have a hard time recovering ground above the $25.50 level, as a dense cluster of resistance is aligned around the zone, the intersection of the daily moving average 5 and 13. Meanwhile, the acceptance above the $25.56 level is critical to reviving the near-term bullish momentum.
XAGUSD Nthawi Yofupikira: Yoyambira
On the shorter time frame, the XAGUSD breached the horizontal support turned resistance line at the $24.50 level down south. Some downside potential could likely prevail in the market, as white metal is pressured by the moving average 5, as well the moving average 13 in the $24.50 area.

Meanwhile, note that the exchange rate could gain support at the $23.50 level. Therefore, Silver could trade sideways against the US Dollar in the short term. Below here, a clear break might increase bearish traction, sending the pair towards $22.83 (October 6 low level) and $21.66 (September 24 low level).

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Aziz Mustapha

Azeez Mustapha ndi katswiri wazamalonda, wowunikira ndalama, wopanga ma siginolo, komanso woyang'anira ndalama wokhala ndi zaka zopitilira khumi pazachuma. Monga wolemba mabulogu komanso wolemba zandalama, amathandizira ogulitsa kuti amvetsetse malingaliro ovuta azachuma, kuwongolera luso lawo logwiritsa ntchito ndalama, komanso kuphunzira momwe angagwiritsire ntchito ndalama zawo.

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