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XAGUSD NEWS : Silver Price Analysis XAGUSD flirts with ascending channel/100-hour SMA confluence

XAGUSD NEWS

XAGUSD NEWS : Silver Price Analysis XAGUSD flirts with ascending channel/100-hour SMA confluence

  • Silver comes under some renewed selling pressure on the last day of the week.
  • The technical setup supports prospects for a further intraday depreciating move.
  • A sustained move beyond the $24.50-$24.55 area will negate the negative bias.

XAGUSD NEWS : XAGUSD Silver extends the previous day’s retracement slide from the $24.30 area, or over a one-week high, and remains under some selling pressure on Friday. The white metal maintains its offered tone through the mid-European session and is currently placed near the daily low, around the $23.70 region.

From a technical perspective, the XAG/USD, so far, has managed to defend the lower end of a four-day-old ascending trend channel. The said support coincides with the 100-hour SMA and should now act as a pivotal point for short-term traders. Given that oscillators on hourly charts have been gaining some negative traction, a convincing break below will set the stage for further losses.

XAGUSD NEWS : The XAG/USD might then accelerate the fall towards intermediate support near the $23.50-$23.45 area before eventually dropping to test sub-$23.00 levels. This is followed by the weekly low, around the $22.75 region touched on Monday. Some follow-through selling has the potential to drag the commodity further towards testing the next relevant support near the $22.00 round figure.

On the flip side, the daily swing high, around the $24.00 mark, might now act as an immediate hurdle. Any further move up might confront resistance near the $24.25-$24.30 region ahead of the $24.50-$24.55 supply zone, or a multi-month high touched on January 16. A sustained strength beyond should allow the XAU/USD to reclaim the $25.00 psychological mark for the first time since April 2022.

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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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