Silver Price: XAGUSD Extends Recovery Beyond $24.00 Level Amid the US Elections

XAGUSD Price Analysis – November 2

Silver price is embarking on a recovery journey beyond the $24.00 level early in the week with prospects of an upside move towards the $24.50 level amid critical events and the US elections. However, the dollar maintain gains as the US election and Fed meeting lurk around the corner.

Key Levels
Resistance Levels: $30.00, $27.62, $25.56
Support Levels: $23.25, $21.66, $19.65
XAGUSD Long term Trend: Ranging
XAGUSD found fresh buyers beyond its moving averages 5, stretching the pullback from the bottom of the ascending trendline slightly below the horizontal support level at the $22.83 level. The upward-sloping RSI combined with a recovering price action, which has snapped past moving average 5 is indicative of a strengthening bullish bias.

In the larger context, a rise from the $21.66 level is seen as the bullish continuation phase of the pattern from $11.64 (2020 low). Further rally could be seen to cluster resistance at $28.90 level next. This will remain the favored case as long as the $21.66 resistance turned support level holds.
XAGUSD Short term Trend: Ranging
From a technical point of view, Silver (XAG) has recovered further as shown on the 4-hour chart. It has now gone towards the shorter-term ascending trend line and returned to levels beyond both the 5 and 13 moving averages. The level at $24.50 might be considered as the nearest resistance, while the 1st and 2nd support are expected to be located at $22.83 and $21.66 levels.

XAGUSD’s rebound continues today and intraday bias is consolidating for $24.50 resistance. A break there will confirm the resumption of the corrective rebound from the $21.66 level. On the upside, above $24.50 minor resistance will turn intraday bias bullish first. But risk will stay on the downside as long as the $25.56 resistance level holds, in case of a pullback.

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