Silver Price: XAGUSD Pullback Movement Continues From $26.50 Level

Silver Price: XAGUSD Pullback Movement Continues From $26.50 Level

XAGUSD Price Analysis – September 21

XAGUSD pullback movement continues from to $26.50 level during the early European session on Monday. The white metal dropped from $26.96 to $26.45 levels at the start of the day’s trading. The price moved lower after some USD strength earlier in the session and has been moving pretty sideways for a while now.

Key levels
Resistance Levels: $30.00, $28.90, $27.15
Support Levels: $26.20, $25.00, $23.78
XAGUSD Long term Trend: Ranging
Looking at the daily chart, the main feature is the large consolidation pattern from Aug 14. The bottom trendline from late March remains intact and had not been pierced. This support matched up with several horizontal support zones with a key one at $25.75 level.

Other than that, the indicators are pretty flat as the market is moving sideways. The Relative Strength Index is about to move beneath its midline and the moving averages 5 and 13 is just about to signal a change of trend.
XAGUSD Short term Trend: Ranging
The 4-hour time frame suggests continuous consolidation, alternatively, a downside break of the short-term horizontal support, near the $26.20 level, will quickly recall the $26.00 threshold on the chart before targeting the monthly low close to the $25.85 level.

Considering the range like formation and the normal RSI conditions, the white metal traders are likely to remain standby unless silver prices offer any notable breakout. We’ll target short positions below $27.00 handle with targets at $26.20 & $26.00 levels in extension.

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.