XAGUSD Finds Support in the Vicinity of $23.00 Zone on Mild USD Ease

XAGUSD Price Analysis – November 25

Silver (XAGUSD) extended its rally after a rebound from lows around the vicinity of $23.00 zones during the European session on Wednesday. The dollar is keeping a little milder on the session now as it pares its earlier advance against the shining metal.

Key Levels
Resistance Levels: $26.00, $24.50, $23.50
Support Levels: $23.00, $22.60, $21.66
XAGUSD Long-term Trend: Ranging
Bulls are gearing up for another upside cycle, especially after buyers managed to defend the $23.00 support zone, avoiding channel breakdown on the daily chart. The 14-day Relative Strength Index (RSI) is in retracement mode, albeit as high as 40, indicating a small bounce could occur before the rally continues.

Further north, the bulls may try to bounce towards the powerful obstacle around the $24.50 level, followed by the $25.07 resistance level, which could challenge the bullish commitment. Alternatively, a drop below the $23 level could lead to openings to September lows at $21.66.
XAGUSD short-term Trend: Ranging
In the 4 hours chart, Silver is trading beneath $23.50 in the short-term uptrend line and continues to trade within the lower channel, which means that the shining metal’s short-term trend remains in the consolidation.

Aside from the $23 psychological level, which has already proven solid support, the next level to look out for is the $22.60 level, which could allow a retest of the September low of $21.66, where we look for signs of stabilization. On the other hand, if XAGUSD can break short term resistance at $23.50, the next level to watch out for will be $24.50.

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