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.

NoteLearn2.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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
Share with other traders!

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.