Silver Price: XAGUSD Retains the Prior Week Upbeat Performance on Monday Beyond $25


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.

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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.