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The white metal managed to continue its rebound from lows of $23.78. Silver (XAGUSD) is building on Friday’s rebound above $25.00 as the US dollar remains pressured after Jobless Claims.
Key Levels
Resistance Levels: $27.50, $26.77, $26.00
Support Levels: $24.50, 23.50, $21.89
XAGUSD Long term Trend: Ranging
The technical analysis on the daily chart shows that Silver (XAG) is advancing after breaching the $25 mark. If the buyers find a foothold above that level, the next powerful hurdle past the MA 13 could be put to test. The daily Relative Strength Index (RSI) holds well beneath the midline, suggesting that the consolidation outlook remains intact.
However, a clear break of the MA 13 at the $25.25 level, comprising the next horizontal resistance line at $26 level becomes necessary for the bulls to step in. It should also be noted that the moving average 13 level of $25.22 level offers immediate resistance to the quote.
XAGUSD Short term Trend: Ranging
On the 4 hour chart, the latest XAGUSD advance may attack the top surrounding the $26 level before targeting the $28.90 horizontal resistance level. Though, the 4-hour channel resistance line at the $26.77 level will challenge the bulls, a break of which will quickly direct the quote towards the yearly high of $30.13 level.
Meanwhile, a downside break of moving average 5, at $24.70 level now, will fetch the commodity prices to the channel support line, currently around $24.50 level. The preferred scenario would be a long position beyond the $25.00 level with targets at $26 & $26.77 levels in extension.
Source: https://learn2.trade
