Silver Price: XAGUSD Stays Distressed Beneath $28.00 Level As Dollar Gathers Strength

Silver Price: XAGUSD Stays Distressed Beneath $28.00 Level As Dollar Gathers Strength

XAGUSD Price Analysis – February 28

The XAGUSD pair lost upside momentum under the $28.00 level during the prior session as sellers’ pressure takes a toll to hit the $26.13 low level. In the new week, the pair may stay distressed under the $28.00 level as the U.S dollar may gather further strength on rising yields.

Key Levels
Resistance Levels: $28.90, $27.92, $26.77
Support levels: $26.00, $25.00, $24.00
XAGUSD Long term Trend: Ranging
XAGUSD sellers are once again in medium-term control, as the price continues to attack near term horizontal support zone currently around the $26.00 level. Beneath the level at $26.00 awaits the ascending trendline support which may act as a backstop making it a strong base for the bears.

The white metal had plunged from the horizontal resistance of the moving average 5 and 13 hurdles while breaking below the $26.00 level could open doors for a test of the horizontal support zone at the $25.00 level on surging USD strength. The daily Relative Strength Index (RSI) is trending towards the south allowing for further downside correction.
XAGUSD Short term Trend: Ranging
The XAGUSD was last seen hovering near the lower end of its 4-hour chart, around the $26.67 region. Meanwhile, technical indicators on the 4-hour chart have been gaining negative traction and support prospects for further weakness. That said, the rebound seen on the short-term RSI warrant caution before positioning for a further downfall.

A firm break beneath the horizontal support at the $26.00 level could open the door towards a lower mark at the $24.50 level. On the flip side, the next upside target awaits at the level of $27.50 level. The near-term key support comes at the $25.00 level that holds the gate for silver’s further weakness towards the yearly low of $24.01 level.

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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.