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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