Silver (XAGUSD) Under Pressure at Mid $22.00 on Declining Metal Prices
Login

Silver (XAGUSD) Under Pressure at Mid $22.00 on Declining Metal Prices

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

XAGUSD Price Analysis – September 19

With rising energy costs and plummeting metal prices, Silver (XAGUSD) is under severe strain. After better-than-expected US economic data in the prior week, precious metal prices plummeted and are under pressure around the mid $22.00 level. XAG fell below the important $23.50 mark and had since experienced increased selling.

Key Levels
Resistance Levels: $24.50, $24.00, $23.50
Support Levels: $22.10, $21.66, $21.00

XAGUSD Long term Trend: Bearish
In the prior week, XAGUSD moved lower and experienced heavy selling pressure after the precious metal failed to hold above the key $23.50 level. Silver is a disappointment for investors as the white metal was unable to substantially bounce off support at the $22.87 level. Although the white metal stays oversold below the RSI 30 zone.

XAGUSD fell below the important $23.50 mark and experienced increased selling. The attempt to climb above the $22.87 mark failed, which further increased the selling pressure on the white metal. We are now seeing further downside potential for Silver with the next stronger support at $21.66 during the new week.
XAGUSD Short term Trend: Bearish
In the short term, the XAGUSD price is projected to move sideways before reversing towards the moving averages 13 (above $23.00 key level). Bears would immediately set their sights on $22.00, with a breach risking a move to $21.66.

Bears are aided by bearish short-term analysis and negative sentiment, which are aiming for oversold circumstances for the time being, but some price correction is possible. In the following session, upticks above the horizontal low level of $22.10 are projected to present stronger opportunities to re-join the positive market.

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News