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XAGUSD Price Analysis – October 12
Silver (XAGUSD) buyers push the price to $25.26 level, after initially refreshing the prior week high, during Monday’s European session. XAGUSD is moving higher for the 4th day in a row beyond $25. Silver (XAGUSD) surged higher on Friday, lifted by US stimulus hopes and a weaker US dollar.
Key levels
Resistance Levels: $30.00, $28.90, $26.50
Support Levels: $23.25, $21.66, $19.65
XAGUSD Long term Trend: Ranging
On the daily chart, XAGUSD is trending higher for the 4th day in a row. SILVER bulls have been in full control today, moving the market higher throughout the whole session. Closing beyond Friday’s high at $25.18 level will reinforce the October 6 rebound from the low of $22.87 level.
The white metal confirmed its breakout in the present session high after trading up to $25.56 above intraday. Silver has eased to $25.01 an ounce while the trend is bullish, showing an intact uptrend in the medium to long-term. With the normal RSI conditions joining the move, buyers are likely to keep the reins, which in turn will aim for a level at $26.20 during the further upside.
XAGUSD Short term Trend: Ranging
Silver (XAGUSD) has found immediate resistance at the 23.6% retracement level of the up leg from $22.83 to $29.85 at $25.56 levels and the moving average 5 and 13 regions. The downside correction over the last month is now being confirmed by the weak momentum through the downward slope in the RSI.
On the other side, a fall beneath the moving average 5 and 13 could move the market towards the $22.83 near a term support level, which stands marginally around the ascending trendline support. Clearing these levels, the price could hit the lower horizontal support line at $21.66 level.
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
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