Silver Price: Silver Extend Sideways Move On XAGUSD Past $26.00 Level

XAGUSD Price Analysis – September 9

Silver is expected to extend its sideways move while past the $26.00 range during Wednesday European session. The trend may turn higher again above the $28.90 mark in the next few sessions, but for now, the white metal is feeling the brunt of a stronger US dollar.

Key Levels
Resistance Levels: $30.00, $28.90, $27.15
Support Levels: $26.50, $25.00, $23.78
XAGUSD Long term Trend: Ranging
Silver has been trading sideways but the price came close to horizontal support at the $25.75 level and bounced back. We might see a continuation of the consolidation. Besides, we can also see the confluence of the recent daily high re-attempted at $28.90 level.

The first target is the $27.15 level followed by a $28.15 level. As long as the level at $26.50 holds we won’t see sellers taking over. Therefore buying on the dip may continue. Below $25.00 level would warn of a deeper corrective setback with support next at the $24.50 level, then $23.78 level.
XAGUSD Short term Trend: Ranging
XAGUSD is expected to extend its consolidation phase with near term support at $25.75 level still ideally holding further setbacks. Above $28.90 level would suggest the trend is turning higher again with resistance above the $29.50 current cycle high seen next at the $30.00 level.

Meanwhile, an ascending trend line from August 12, at $26.20 level now gains market attention. However, the $25.75 area including the latest low and the bottoms marked during mid-August can offer immediate support to the quote.

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