XAGUSD Price Analysis – November 16
Silver (XAGUSD) edges higher starting a fresh week, eyes beyond the $25 hurdle amid a broadly mild US dollar, and COVID-19 vaccine optimism. A sharp rally could be in the offing following a breach beyond $25, with a test of the critical $26 barrier inevitable.
Key Levels
Resistance Levels: $27.62, $26.50, $25.56
Support Levels: $24.50, $23.25, $22.83
XAGUSD Long term Trend: Ranging
Silver is currently trading 0.87% higher on the day at the $24.79 level and the white metals moving average 5 and 13 have almost produced a bullish crossover, however, the crossovers do not necessarily imply a price surge. XAGUSD needs to topple near term high of $26 to confirm a bullish revival.
On the downside, $23.25 is the level to beat for the bears. That level has acted as strong support multiple times since the end of September. The initial sentiment may stay neutral as long as prices are held within the prior week’s trading range of $23.50 to $26.00 levels.
XAGUSD Short term Trend: Ranging
On the 4-hour time frame, the white metal made attempts to recover from the losses over the week. However, the rebound from $23.50 stays weak for the moment, with the overall set up in consolidation. For the moment, the hidden bearish divergence from the RSI suggests a move back to its midlines at 50.
As a result, this could see the $24.50 level of support being tested a bit more firmly. Following this, Silver prices might remain trading flat above the $24.00 mark for the short term. However, if the $24.50 level is lost, then Silver prices could be looking at a further downside to the $23.50 level in the near term.
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