Silver price gains some positive traction on Tuesday, although there was no continuation buying. The breakout of the rising wedge favors the bears and supports the prospects for further losses. Sustained strength beyond the $22.25 confluence is needed to negate the bearish outlook. On Tuesday, silver has attracted some buying near the $21.65 area and […]
Tag: XAGUSD
Silver Price Analysis: XAG/USD hits 1-week highs, bulls look to break above $22.00
Silver has been aggressively bid on Thursday and has risen to a one-week high. Lack of follow through beyond the 50% Fibonacci level justifies bulls’ caution A break below $21 would set the stage for further short-term losses. XAG silver experienced a dramatic intraday reversal and was up nearly 3% from a three-day low around […]
Silver Price Analysis: XAG/USD could pull back to retest yearly low around $20.45
Silver continues this week’s pullback and is down for the second day in a row. The setup favors the bears and supports the prospects for a further move lower. A sustained move above the $22.00 level is needed to nullify the short-term negative bias. The price of silver (XAG/USD) has seen some selling for the […]
Silver Price Analysis: XAG/USD recovers from yearly low and rises near the $21.00 level
Silver price gains positive traction on Friday and reverses a portion of the previous day’s decline to the yearly low. The extreme oversold on the RSI (14) on the daily chart is seen as a key factor driving short covering. The breakout point of the support double bottom near the $21.40 area should limit any […]
Silver Price Analysis: XAG/USD consolidates above $21.00 after hitting the lowest level since July 2020
Silver is consolidating above $21.00 after reaching its lowest level since July 2020 at the $20.75 zone. Risk aversion flows and lower yields are not doing much to help XAG/USD which lost roughly 2.0%. Techs are eyeing more downside at levels below $20.00. After briefly reaching its lowest level since July 2020 in the area […]
Silver Price Analysis: XAG/USD bears in control below $22.00
Silver price gives back its modest intraday recovery gains and approaches the yearly low again. The break below the $22.00 level could have already set the stage for further losses. The oversold of the RSI (14) on the daily chart warrants some caution before opening new bearish positions. Silver price (XAG/USD) struggled to capitalize on […]
Silver Price Analysis: XAG/USD slides to new yearly lows below $22.00
Silver extends its recent downtrend and falls to a new yearly low on Monday. A break below the $22.00 level could be a new trigger for the bears. The oversold of the RSI (14) on the daily chart warrants some caution before opening new positions. Silver (XAG/USD) has seen selling for the third day in […]
XAG/USD plunges to multi-month lows, quickly approaching $22.00
Silver sees strong continuation selling on Monday and falls to a near three-month low. Last week’s break below the 200-day SMA and uptrend line is seen as a key trigger for the bears. The extremely oversold RSI makes it prudent to wait for some consolidation before the next move lower. Silver (XAG/USD) extends a three-week […]
XAG/USD buoyed by dollar weakness, though unable to sustain above $23.50
Silver prices rose on Friday, buoyed by month-end profit-taking in the US dollar. But XAG/USD has pulled back sharply from intraday highs of $23.50 and remains vulnerable. Markets are focused on upcoming US core PCE inflation data and next week’s Fed meeting. Pre-month profit-taking in the US dollar, which has seen significant strength in recent […]
XAG/USD fails to bounce despite weak US GDP data, targets $22.00
Silver sees only a modest rebound from its lowest level since mid-February below $23.00 after weak US GDP data. As US yields rise and the USD remains resilient, XAG/USD remains at risk of falling to previous 2022 lows at $22.00. The prices of the silver (XAG/USD) have only experienced a modest rebound from its lowest […]
