XAGUSD Positions To Deepen Slump After Breaching Key Levels

20 June 2021 | Updated: 20 June 2021

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.

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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.