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TODAY XAGUSD SIGNAL : Silver Price Analysis XAGUSD bulls looking to seize control near multi-week high

TODAY XAGUSD SIGNAL

TODAY XAGUSD SIGNAL : Silver Price Analysis XAGUSD bulls looking to seize control near multi-week high

  • Silver extends the weekly ascent and climbs to over a three-week high on Thursday.
  • Bulls now await a sustained move beyond the $19.50 area before placing fresh bets.
  • The $19.00 mark seems to protect the immediate downside ahead of the mid-$18.00s.

TODAY XAGUSD SIGNAL : XAGUSD Silver gains traction for the third successive day on Thursday and climbs to a three-and-half-week high during the first half of the European session. The white metal, however, seemed to struggle to find bullish acceptance above the $19.50 horizontal resistance.

From a technical perspective, the overnight post-FOMC move beyond the $19.00 mark was seen as a fresh trigger for bulls. That said, oscillators on the daily chart – though have been recovering from the negative territory – are yet to gain any meaningful traction. This makes it prudent to wait for some follow-through buying beyond the aforementioned barrier before positioning for any further appreciating move.

The XAG/USD could then aim to conquer the $20.00 psychological mark. The said handle coincides with the 200-hour SMA on the 4-hour chart, which if cleared decisively would set the stage for additional gains. The subsequent short-covering move has the potential to lift spot prices to the next relevant hurdle near the $20.60-$20.65 horizontal zone. The momentum could further get extended towards the $21.00 round figure.

TODAY XAGUSD SIGNAL : On the flip side, any meaningful pullback now seems to find decent support near the $19.00 level. Sustained weakness below would expose the $18.50 intermediate support. A convincing break below the latter would negate any near-term positive bias and make the XAG/USD vulnerable to retesting the YTD low, around the $18.15 region. Some follow-through selling below the $18.00 mark should pave the way for further losses.

The XAG/USD could then accelerate the downfall towards the $17.45-$17.40 support en-route to the $17.00 round-figure mark. The downward trajectory could further get extended and spot prices could eventually drop to test the next relevant support near the $16.70-$16.60 region.

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Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FIRST CAPITALS brand based on the legal requirements in his/her country of residence.  Please read FIRST CAPITALS’s full Risk Disclosure.

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