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XAGUSD Price Analysis – September 16
Silver treads water beneath mid $27.00 level ahead of the Federal Reserve statement on Wednesday and in doing so, the white metal traders attack the barrier line of the upside formation, amid red signals from the indicators. The prices of precious metals are pressured as the markets brace for the Federal Reserve interest rate decision and statement.
Key Levels
Resistance Levels: $30.00, $28.90, $28.15
Support Levels: $26.50, $25.00, $23.78
XAGUSD Long term Trend: Ranging
At the time of this post, silver is trading at $27.29 level between a day’s range of $27.02 and $27.44 levels. The recent gains in the white metal hit a snag after price failed to breakout above the mid $27.00 levels. The strong confluence of both the channel and the horizontal support level has reversed direction.
Price action is likely to remain in a sideways range within $26.50 and $27.37 levels. The bias is limited to the upside unless Silver can clear the mid $27.00 and $28.15 levels. To the downside, a close below the $27.15 region could trigger a sharper correction.
XAGUSD Short term Trend: Ranging
Looking at momentum oscillators on the 4-hour chart, they suggest further sideways moves may be on the cards. The RSI is pointing south above its neutral 50 lines, detecting negative momentum, while the moving average 5 and 13 lies together.
The price suggests further horizontal movement above the $27.00 handle. Currently, the white metal stands above the short-term support levels but the bullish structure is fading. However, if the bulls retake control, price advances may stall initially near the latest highs at the $28.90 level.
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
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