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

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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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.