- Analytics
- News and Tools
- Market News
- Silver Price Analysis: XAGUSD unable to hold above $19.00 mark
Silver Price Analysis: XAGUSD unable to hold above $19.00 mark
- Silver spikes on Wednesday to $19.09, lacks follow-through buying.
- A steady and vulnerable XAUUSD not helping XAGUSD.
- Consolidation above $19.00 could trigger more gains, key resistance at $19.50.
Silver is marginally higher on Wednesday. It climbed to $19.09 but only to gave up all gains a few minutes later by pulling back to $18.80 during the American session.
The US dollar has stabilized, not helping metals. Also gold remains steady, and still looking vulnerable, near $1700/oz. A break under that psychological are could drag silver to the downside.
From a technical perspective, the XAGUSD remains unable to make a clear break of the $19.00 mark. The spike was taken as an opportunity to sell it. If price rises and holds above $19.00 it could strengthen for a test of the critical resistance area of $19.40-$19.50.
Technical indicators offer no clear signs. The RSI and Momentum are flat. Price is holding above the 20 Simple Moving Average in the four-hour chart and also above a short-term downtrend line. A slide under $18.75 should change the intraday bias to bearish. If XAGUSD drops further, the $18.55 zone emerges as the next support, followed by $18.45, the last defence to the year-to-day low near $18.15.
Silver 4-hour chart
© 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
