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TODAY XAGUSD UPDATE : Silver Price Analysis XAGUSD retreats from multi-month high, slides further below $22.00

TODAY XAGUSD SIGNAL

TODAY XAGUSD UPDATE : Silver Price Analysis XAGUSD retreats from multi-month high, slides further below $22.00

  • Silver corrects from a fresh five-month high touched earlier this Tuesday.
  • Acceptance above the 200-day SMA supports prospects for further gains.
  • A break below the $21.00 mark is needed to negate the positive outlook.

TODAY XAGUSD UPDATE : XAGUSD Silver retreats from the $22.25 area, or its highest level since July 7 touched earlier this Tuesday and drops to a fresh daily low during the mid-European session. The white metal is currently trading just below the $22.00 round-figure mark, down over 0.50% for the day.

Given that RSI (14) remains close to overbought territory, bulls seem inclined to take some profits off the table following the recent rally of around 18% from the monthly low touched on November 3. That said, acceptance above a technically significant 200-day SMA for the first time since April supports prospects for a further near-term appreciating move.

Hence, any subsequent fall is more likely to find decent support and attract fresh buyers around the $21.45 region (200 DMA). This should limit the downside for the XAGUSD near the $21.20-$21.15 area. This is closely followed by the $21.00 mark, which if broken decisively will negate the positive outlook and shift the bias in favour of bearish traders.

TODAY XAGUSD UPDATE : The XAGUSD might then turn vulnerable to weaken below the $21.00 mark – a strong horizontal resistance breakpoint now turned support – and test the next relevant support near the $20.40-$20.35 region. The corrective slide could further get extended towards the $20.00 psychological mark en route to the $19.65-$19.60 zone and the $19.10-$19.00 support zone.

On the flip side, momentum back above the $22.00 mark now seems to confront resistance near the daily swing high, around the $22.25 region. A sustained strength beyond will reaffirm the constructive outlook and lift the XAGUSD towards the $22.50-$22.60 supply zone. Bulls might eventually aim to reclaim the $23.00 round figure and test the $23.25-$23.30 hurdle.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

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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.

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