XAGUSD Bears Prevail, Records Daily Low Beneath $23.00

XAGUSD Price Analysis – August 22

In the prior week, the XAGUSD pair swung to the downside, hitting a daily low of $22.87. The dollar was the strongest currency across the board, but by the end of the week, it had lost some momentum. However, Silver is down for the fourth session in a row, trading around the $23.03 mark, despite US dollar weakness during the close of the week.

Key Levels
Resistance Levels: $25.50, $24.50, $23.50
Support Levels: $22.87, $21.66, $20.50
XAGUSD Long term Trend: Bearish
Overall, XAGUSD risks are still biased to the negative, with the $22.87 support level serving as the next relevant downside target. For the bears, the level of $21.89 will be the one to beat. The silver bears are likely to be bolstered by the dropping RSI circumstances, which point to a $21.89 level as a horizontal support level.

While attempting to recover, the white metal is currently trading with little weakness around the $23.03 level. If the Silver price trades above the $23.50 level confluence zone, on the other hand, the bullish traction may gather traction and activate buy orders, presumably sparking a sudden upside rise in silver towards the $25.00 high level.
XAGUSD Short term Trend: Bearish
Technical analysis on the lower time frame shows that XAGUSD has broken into a bearish channel and may trade between the near-term resistance level of $24.00 and the short-term low of $22.87. Any such lower breakout will keep white metal selling towards the next support level of $21.89.

Above the $23.50 level, a recovery to the $24.50 level is possible. Silver may rebound from extremes and trade back around the $25.00s, but losses compared to the recent high of $26.00 are still possible. Short bets below $22.87 are most likely, with targets at $21.89 and $21.66 in extension.

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