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XAGUSD NEWS : Silver Price Analysis XAGUSD retreats from multi-day top, technical setup favours bulls

XAGUSD NEWS

XAGUSD NEWS : Silver Price Analysis XAGUSD retreats from multi-day top, technical setup favours bulls

  • Silver struggles to capitalize on its modest intraday gains beyond the $24.00 mark.
  • The technical set-up favours bullish traders and supports prospects for further gains.
  • A convincing break below the $23.00 mark is needed to negate the positive outlook.

XAGUSD NEWS : XAGUSD Silver builds on Friday’s goodish rebound from the vicinity of the $23.00 mark and gains some follow-through traction on the first day of a new week. The white metal, however, struggles to find acceptance above the $24.00 round figure and retreats from a three-day high touched during the first half of the European session.

The XAG/USD, meanwhile, manages to defend the 100-period SMA on the 4-hour chart, around the $23.70 area, and the technical set-up still seems tilted in favour of bullish traders. The outlook is reinforced by positive oscillators on daily/hourly charts. That said, it will still be prudent to wait for a sustained strength beyond the $24.00 mark before positioning for any further appreciating move.

XAGUSD NEWS : The XAG/USD might then aim to surpass an intermediate hurdle near the $24.25 region, which is followed by the multi-month high, around the $24.50-$24.55 region touched last week. Some follow-through buying beyond the latter will be seen as a fresh trigger for bullish traders and lift spot prices further towards reclaiming the $25.00 psychological mark for the first time since April 2022.

On the flip side, the $23.20-$23.10 area now seems to have emerged as immediate support ahead of the $23.00 round figure. A convincing break below could drag the XAG/USD towards the $22.60-$22.55 region en route to the next relevant support near the $22.10-$22.00 horizontal zone. Failure to defend the latter will mark a breakdown and set the stage for a further near-term depreciating move.

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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.

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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