XAGUSD Price Analysis – August 26
Silver traders fail to extend the late-US session recovery moves from $26.06 level beyond $26.80 level as the quote drops on sellers attempt at $26.00 mark during the early Wednesday European session. The XAGUSD prices pullback after rally upwards guided by an ascending trend line since the end of July.
Key Levels
Resistance Levels: $29.50, $28.15, $27.37
Support Levels: $25.00, $23.78, $21.38XAGUSD Long term Trend: Bullish
XAGUSD continues its expected consolidation following the move towards $26.15 level with base case objective of $26.00 level. Although we continue to see the core long-term trend higher, reinforced by falling US dollar, there is scope for a more protracted consolidation phase to unfold first.
At present, the bias remains for a cluster of supports at $26.20-$25.00 levels to ideally hold further weakness, which includes the retracement of the rally from the March low level. Should weakness extend, we would see scope for a deeper setback to $23.78 level, potentially $23.25 level.XAGUSD Short term Trend: Ranging
On the 4-hour time frame, It is worth noting that RSI is trading beneath its midlines after reaching extreme levels adding weight to the view for a lengthier pause in the bull trend. Post this phase we look for an eventual move above $26.50 level in the short run with resistance seen next at $27.15 level, then $27.37 level.
Whilst we would look for a fresh consolidation at this latter level, a direct break lower can see potential trend support at $25.75 level reached, with scope seen for $25.00 level over the shorter-term.
Note: Learn2.Trade 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
- Broker
- Min Deposit
- Score
- Visit Broker
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
Highly volatile unregulated investment products. No EU investor protection.
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
- Zero commissions and no bank fees on transactions
- Around the clock service with support in 14 languages
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated