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XAGUSD Price Analysis – December 7
The shinning metal settled beneath the $24.50 level from the prior session into Monday’s European trading session with some modest declines. A sideways range is emerging as a result of Silver prices trading between the $26.00 and the $21.66 levels for the moment. XAGUSD prices trade under the $24.00 level in the aftermath of US NFP data.
Key Levels
Resistance Levels: $27.50, $26.00, $24.50
Support Levels: $23.50, $22.83, $21.66
XAGUSD Long term Trend: Ranging
XAGUSD on the daily is trading beneath the $24.50 level during early Monday. The shinning metal attacks the moving average 13 and horizontal support level at $23.50. Although repeated failures to break out of the $26.00 level horizontal resistance lure silver sellers.
Meanwhile successful trading above moving average 13 keeps the bulls positive. However, a clear break above the $24.50 level becomes necessary for the XAG/USD buyers to target the mid-November highs around the $25.00 level. Alternatively, a downside breach of support at the $23.50 level validates a bearish move towards the level at $22.83.
XAGUSD Short term Trend: Ranging
In the shorter time frame, shinning metal settled beneath the $24.50 level, with some modest declines. XAGUSD price action has been in a range after trading beneath this level since last week. We could expect to see prices resuming the downside if it fails to rise above the $24.50 level.
The Relative Strength Index is also moving out from the overbought levels indicating the move lower. In the present, the lows near the $21.66 level stay as the key downside aims for silver in the medium to short term trend.
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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