Silver Price: XAGUSD Bulls and Bears in Mixed Trading at Mid $25.00 Ahead of Stimulus

Silver Price: XAGUSD Bulls and Bears in Mixed Trading at Mid $25.00 Ahead of Stimulus

XAGUSD Price Analysis – January 25

The precious metal market is mixed as Silver (XAGUSD) bulls and bears tussle into a phase of consolidation at the mid $25.00 level, having rebounded from prior sessions plunge to the $25 mark. Markets are on the rise as the Biden administration pushes for stimulus ahead of the Fed decision.

Key Levels
Resistance Levels: $30.00, $27.50, $26.00
Support Levels: $25.00, $24.00, $21.89
XAGUSD Long term Trend: Ranging
Silver (XAGUSD) prices are consolidating inside the upside channel around the $25.00 and $26.00 range and have maintained a broadly positive bias amid a continuation of soft USD conditions. XAGUSD registered Friday’s low at the $25.02 level and opened today’s FX trade higher at $25.51 which implies a positive push from prior levels.

Only the move below the $25.00 level and the ascending trendline support could change the trend. At this point buying the dips is the option and Silver is poised to go higher. In the meantime, if the given support level holds, XAG could trade sideways against the Greenback within the following trading session.
XAGUSD Short term Trend: Ranging
On the 4-hour time frame, the momentum indicators are painting an optimistic short-term picture as well. The RSI has sustained its rally in the positive area, while the moving average 5 and 13 are forcefully stretching towards the continuation of the rebound from prior session lows at $25.02.

Should the next key support at the $24.50 level give way, the bears may need to remove the $24.00 support level to pick up steam towards the $23.50 key area to allow bulls to enter the dip. In brief, silver may remain under brief ranging in the short-term if it fails to break past the $26.00 level, with any sudden sell-off to gain fresh momentum beneath the $23.50.

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 result

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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.