Silver Price: XAGUSD Slumps Under $22.00 Level Amid Economic Recovery Optimism

XAGUSD Price Analysis – November 30

Silver (XAGUSD) resumes last week’s sell-off amid optimism for an economic rebound as the white metal slumps under the $22.00 level. Any rebound attempt is probably going to stay shallow beneath the confluence zone around the $23.50 level.

Key Levels
Resistance Levels: $26.00, $23.50, $22.83
Support Levels: $21.66, $19.65, $18.37
XAGUSD Long term Trend: Ranging
Overall, XAGUSD risks remain skewed to the downside, as the price has breached the psychological range level at $22.00. The next relevant downside target is seen at the $21.66 support level. The level at $21.66 will be the level to beat for the bears. It should be noted that the oversold RSI conditions are likely to challenge the silver bears around the ascending trendline support, at a $21.89 higher low intraday level.

The white metal now trades with weakness slightly around the $22.25 level while trying to recover. On the other hand, if Silver price trades beyond the $23.50 level confluence zone, the upside traction might gain speed and activate buy orders seemingly triggering the abrupt upside move in silver towards the $26.00 high level.
XAGUSD Short term Trend: Bearish
On the lower time frame, technical analysis indicates that XAGUSD has broken into the downward channel and may range between the near term resistance level at $22.83 and short term low at $21.66 level. Any such breakout lower will keep the white metal selling towards the next support $19.65 level.

Above the $22.83 level may attempt recovery to the $23.50 level. Silver may recover from extremes and trades back in the $23.00s but still trades with losses of more than 2.0% on the day. The likely scenario will be short positions below $23.50 with targets at $21.66 & $21.00 levels in extension.

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