Market news
16.05.2022, 06:22

Silver Price Analysis: XAG/USD sellers flirt with $21.00 inside weekly falling channel

  • Silver pares Friday’s recovery moves from two-year lows.
  • Bears cross on MACD, one-week-old descending trend channel keep sellers hopeful.
  • 100-HMA adds to the upside filters, late 2019 high lures bears on breaking $20.00 support.

Silver (XAG/USD) remains on the back foot around the intraday low surrounding $21.00, fading the previous day’s recovery moves ahead of Monday’s European session.

In doing so, the bright metal justifies a bearish crossover on the MACD, as well as a one-week-long falling channel bearish chart formation.

That said, sellers await a clear downside break of the $21.00 before progressing towards the recent multi-month low, around $20.45.

However, the lower line of the aforementioned channel, near $20.25, will precede the $20.00 psychological magnet to challenge the XAG/USD’s short-term downside.

In a case where silver bears keep reins past $20.00, a late 2019 high surrounding $19.60 will be in focus.

Alternatively, the upper line of the stated falling channel and the 100-HMA, respectively near $21.20 and $21.30, guard short-term recovery moves of the bullion.

Following that, XAG/USD bulls may approach the $22.00 and the monthly high around $23.30.

To sum up, silver prices remain pressured around a multi-month low despite the previous day’s corrective pullback.

Silver: Hourly chart

Trend: Further weakness expected

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location