Silver Price: XAGUSD Trades Under $24.50 Level After US Job Data

Azeez Mustapha
7 December 2020 | Updated: 7 December 2020

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.

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Azeez Mustapha

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.