XAGUSD Fails to Move Past $24.50 Barrier As Market Hopes for Fiscal Support

23 November 2020 | Updated: 23 November 2020

XAGUSD Price Analysis – November 23

Silver price rose to $24.39 level, up 0.32% intraday, amid Monday’s trading session. In doing so, the white metal battles the $24.50 barrier as market hopes for fiscal support. XAGUSD trades sharply beneath highs made at the start of the European session but holds onto decent gains on the day.

Key Levels
Resistance Levels: $26.50, $25.56, $24.50
Support Levels: $23.50, $22.83, $20.43
XAGUSD Long-term Trend: Ranging
XAGUSD rallied from around $24.39 to briefly try to break the $24.50 barrier but then reversed sharply for the remainder of the European session, falling beneath levels before spiking under $24.

However, if the bulls in silver continue to push the white metal higher throughout the session, the most notable resistance levels outside of today’s high of just above $24.50 will be highs around $25.07 and higher levels at $26.00. While there is still a long-term uptrend, the short and medium-term trends have already turned bearish.
XAGUSD Short-term Trend: Ranging
At the end of the US session, XAGUSD breached through the support structure of the short-term moving average 13. The bears seem to come into play again today as the resistance around the $24.50 mark remains unchanged.

Now that it has broken down and tested the ascending trendline support, it is implied that XAGUSD will experience even more decline in the future, which will likely mean a test of the previous week’s lows at $23.64.

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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.