Silver (XAGUSD) To Reinforce Recent Bounce From $22.03 Lows

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Silver (XAGUSD) Price Analysis – December 5

Silver (XAGUSD) remains under pressure, having pared a corrective drop from a multiday low on Friday. After the drop to $22.03 lows, the white metal might reinforce the recent bounce towards the $23.00 level. As risk flows dominate the financial markets, the white metal continues to attract buyers.

Key Levels
Resistance Levels: $24.00, $23.50, $23.00
Support Levels: $22.03, $21.42, $21.00
XAGUSD Long term Trend: Bearish
On XAGUSD daily chart, a significant price rise has been verified, which usually results in the preceding positive advance being accelerated. As a result, it’s characterized as a bullish reversal trend.

To confirm the upward rebound, a daily close above the flag’s high end, now at $22.59, is necessary. This might lead to a price of $23.50 (target according to the moving average 13). Silver, on the other hand, may meet resistance at levels $23.00 and $24.82 (high of Oct 21).
XAGUSD Short term Trend: Bearish
Silver (XAGUSD) has rebounded further from a technical perspective, as demonstrated on the 4-hour chart. It has now recovered to levels above both the 5 and 13 moving averages. The nearest resistance is at $23.02, while the first and second support levels are predicted to be around $22.10 and $21.42, respectively.

The XAGUSD’s rally may continue with the intraday bias pointing to the $23.02 barrier. A break there will confirm the corrective pullback from the $25.40 level is over. On the upside, a break above the $23.50 minor barrier will trigger a positive intraday bias. In the event of a pullback, however, the risk will remain on the negative as long as the $23.02 resistance level holds.

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.