- Analytics
- News and Tools
- Market News
- Silver Price Analysis: XAG/USD eases from short-term key resistance near $22.00
Silver Price Analysis: XAG/USD eases from short-term key resistance near $22.00
- Silver fades upside momentum near one-week high but stays on the way to first weekly gain since early April.
- Three-week-old descending trend line, 100-SMA restrict nearby advances inside weekly rising channel.
- MACD, RSI conditions suggest gradual recovery until the quote stays beyond $21.40.
Silver (XAG/USD) pares the previous day’s gains around $21.90 during Friday’s sluggish Asian session.
In doing so, the bright metal retreats from a downward sloping trend line from late April while staying inside a one-week-old ascending trend channel.
However, firmer RSI (14) and bullish MACD join the rising channel formation to keep the XAG/USD buyers hopeful of overcoming the immediate hurdle surrounding $22.00.
That said, the 100-SMA level near $22.10 acts as an extra filter to the north before directing the quote towards the upper line of the stated channel, close to $22.50 by the press time.
Meanwhile, pullback moves remain elusive until staying beyond the channel’s support line, around $21.40 at the latest.
Following that, a downward trajectory towards the monthly low of $20.45 and then to the $20.00 threshold can’t be ruled out.
Silver: Four-hour chart
Trend: Further upside 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.
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.
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
