XAGUSD Positions To Deepen Slump After Breaching Key Levels

XAGUSD Positions To Deepen Slump After Breaching Key Levels

XAGUSD Price Analysis – June 20

Silver (XAGUSD) remained under moderate downward pressure after completing the previous week in the negative region. Leading to a gradual recovery in US rates, the bulls tread cautiously. Silver’s recovery progress may emerge if the US dollar’s retreat returns.

Key Levels
Resistance Levels: $28.75, $27.50, $26.72
Support Levels: $25.50, $24.50, $23.50,
XAGUSD Long term Trend: Ranging
As the price continues to attack the near-term support zone currently beneath the $26.00 level, XAGUSD sellers have regained medium-term control. The ascending trendline support, which may operate as a backstop, lies beneath the $26.00 level, making it a good base for the bears.

On growing USD strength, the white metal has fallen from the resistance of the moving average 5 and 13 hurdles, and the break below the $26.00 level will lead to a test of the horizontal support zone at the $25.00 level. The daily Relative Strength Index (RSI) is at the south, indicating that more negative correction is possible.
XAGUSD Short term Trend: Bearish
The XAGUSD was last spotted languishing at $25.78 on the lower end of its 4-hour chart. Meanwhile, technical indications on the 4-hour chart have been trending downward, indicating that further weakness is likely. However, the short-term RSI’s rebound should be viewed with caution before setting for a further decline.

A strong break below the ascending trendline at $25.73 could lead to a lower mark at $24.50. The next upside objective, on the other hand, is at the $26.72 level. Near-term important support is found at $25.50, which acts as a stopgap for an additional silver decline towards the yearly low of $24.01.

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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

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
9.8
  • 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
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.