XAGUSD Price Analysis – November 29
During the Monday session, Silver (XAGUSD) consolidates monthly losses around the $23.00 levels after a pullback from the intraday high at the $23.44 level. Throughout the first half of the day, the white metal remained bid and was last seen trading at $22.98, down roughly 0.70% on the day.
Key Levels
Resistance Levels: $24.50, $24.00, $23.50
Support Levels: $22.50, $22.00, $21.42
XAGUSD Long term Trend: Ranging
Sellers have regained control of the Silver (XAGUSD) in the medium to long term, as the price continues to attack beneath the near-term horizontal support zone at $23.00. It also coincides with ascending trendline support, forming a formidable obstacle for the bears.
The white metal bounced back from the ascending trendline support at $22.80 to reach an intraday high, and a breach above that level might lead to a test of the horizontal resistance zone at $23.50. The daily Relative Strength Index (RSI) is trending south, indicating more downside potential.
XAGUSD Short term Trend: Ranging
From a short-term technical standpoint, Silver (XAGUSD)is seeking recovery after hitting firm support at $22.93, and momentum indicators are also portraying a bleak short-term picture.
A strong break over the horizontal resistance at $23.50 could pave the way for a higher milestone at $24.00. The $24.50 level represents the next upside objective. Near-term important support is found at $22.50, which acts as a stopgap for additional silver loss towards the yearly low of $21.66.
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