Silver (XAGUSD) Climbs Beyond Mid $22.00 on Widespread US Dollar Weakness

XAGUSD Price Analysis – October 3

Silver (XAGUSD) is extending its upward trend, pushing up from recent lows around $21.50 while climbing beyond the mid $22.00 level of Friday. Falling US bond yields are boosting the surge in XAGUSD, with the 10-year benchmark note coupon resting at 1.520 percent, down roughly two basis points (bps).

Key Levels
Resistance Levels: $24.00, $23.50, $22.87
Support Levels: $22.10, $21.42, $21.00
XAGUSD Long term Trend: Bearish
Beyond its moving averages 5, Silver (XAGUSD) found new buyers, extending the pullback from the bottom of the horizontal support level at $21.42. A strengthening bullish bias can be seen in the upward-sloping RSI mixed with a recovering price action that has broken through moving average 13.

A rise from the $21.42 level is considered as a rebound phase of the pattern from $30.13 high in the bigger context (2021 high). The next target for a rally is the cluster resistance at $23.50. As long as the $22.10 resistance turned support level holds, this will be the preferred scenario.
XAGUSD Short term Trend: Ranging
Silver (XAG) has rebounded further from a technical standpoint, as demonstrated on the 4-hour chart. It has now recovered to levels above both the 5 and 13 moving averages, as well as above the short-term RSI midline. The nearest resistance is at $22.87, while the first and second support levels are predicted to be around $22.10 and $21.42, respectively.

The XAGUSD rally will be continuing today, with the intraday bias pointing to the $22.87 barrier. A break there will confirm that the corrective comeback from the $21.42 level has resumed. On the upside, a break above the $23.50 minor barrier will trigger a positive intraday bias.

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