Silver (XAG) Stays Positive, With the $25.00 Barrier in View

Updated:

Silver (XAG) Price Analysis – October 24

Silver (XAG) has slid back from levels just underneath the $25.00 barrier, retreating under the $24.50 area on the strength of the US dollar’s strong reaction to Fed Powell’s comments during the prior session. The white metal was last seen trading roughly 0.71 percent higher, slightly around the mid-$24.00s.

Key Levels
Resistance Levels: $26.00, $25.50, $25.00
Support Levels: $24.00, $23.50, $23.00
XAGUSD Long term Trend: Ranging
Bulls in the XAGUSD attempted to break through an old barrier around the $25.00 level of September 3, 2021 but retreated to the $24.32 level. As a result, a psychological horizontal line at $24.50 may provide a threat to the quote’s upward bias. If the trend continues to break through the $25.00 barrier, the August peak around $26.00 will be the next target.

Conversely, a break below the following support line, which is currently around $24.00, might push silver prices down to the low of $23.50. Any more weakness, however, must break through the yearly low of $21.42 to render the Silver (XAG) bullish run meaningless. The white metal may continue upwards in the next session.
XAGUSD Short term Trend: Ranging
On the 4-hour chart, the Silver (XAG) momentum oscillators indicate that more sideways movement is likely. The RSI is trending south above its neutral 50 lines, signaling negative momentum, and the moving averages 5 and 13 are converging.

Above the $24.00 handle, the XAGUSD price signals more horizontal movement. The white metal is currently trading above short-term support levels, but the bullish structure is fading. If the bulls reclaim control, however, price rises may first stop near the recent highs of $24.82.

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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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.