Silver Price: XAGUSD Bulls Set Eyes on Upside Extension Beyond $26 Key Barrier

XAGUSD Price Analysis – November 9

The price of silver has presented a buying opportunity to near term investors as XAGUSD set eyes on an upside extension beyond the $26 key barrier. Silver remains in its tight price channel despite an upward push. Markets are anticipating further reaction after key media called Democrat Biden the winner of the US elections.

Key Levels
Resistance Levels: $28.90, $27.62, $26.50
Support Levels: $24.50, $23.25, $21.66
XAGUSD Long term Trend: Bullish
As seen on the daily, a sustained breach beyond $26.00 becomes necessary for the optimists to aim next resistance level at $26.20 and the two-month highs around $27.62 level. However, a 61.8% retracement level of $25.56 level offers immediate support to the precious metal ahead of the moving average 5, currently around the $25.00 level.

On a downside break of the $25.56 level, 50% of the retracement near the $24.50 level could attract the white metal sellers. If XAGUSD sellers dominate beneath the $23.25 level, The recent bottom surrounding the $23.00 round-number and $22.83 level will be additional support ahead of eyeing the prior month’s low near the $22.60 level.
XAGUSD Short term Trend: Ranging
From a technical point of view, spot silver is gathering more upside momentum as shown on the 4-hour chart. XAGUSD is holding up well after breaking above the $25.56 level and overall above the ascending trendline support. The moving average 5 and 13 are skewing upward.

The level at $24.50 might be considered as the nearest support, while the 1st and 2nd resistance are moved up to $26.50 and $26.20 levels respectively. On the one hand, some upside potential could likely continue to prevail in the market within the present trading session.

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