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

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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.

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