Silver Price Analysis: XAGUSD flirts with 100-day EMA hurdle, remains below $20.00 mark – by hareshmenghani Silver Commodities Technical Analysis XAGUSD
day on Friday. The white metal maintains its bid tone through the early European session and is currently trading around the $19.70-$19.80 region, up over 1.30% for the day.
Looking at the broader technical picture, the recent two-way price moves witnessed over the past two weeks or so constitute the formation of a rectangle on the daily. This points to indecision over the near-term trajectory for the XAGUSD. Furthermore, the metal's inability to find acceptance above the 100-day EMA and this week's failures near the $20.00 psychological mark warrants caution for bullish traders.
This makes it prudent to wait for a sustained break through the handle before positioning for any further near-term appreciating move. With oscillators on the dailymoving in the positive territory, the XAGUSD might then accelerate the momentum towards an intermediate resistance near the $20.50 region. The momentum could get extended and allow the bulls to eventually aim back to reclaim the $21.00 mark.
On the flip side, the daily swing low, around the $19.40 region, now seems to protect the immediate downside ahead of the $19.00 round figure. Any subsequent slide might continue to find decent support near the $18.85-$18.80 horizontal zone, which if broken decisively will shift the bias in favour of bearish traders. The subsequent downfall has the potential to drag the XAGUSD to the $18.30-$18.25 support zone.
This is closely followed by the $18.00 round-figure mark, below which spot prices could slide further towards challenging the YTD low, around the $17.55 zone touched in September.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Laguna Beach ballot measure would raise minimum wage for hotel workers to $18 an hourLaguna Beach residents will soon vote on Measure S, which looks to increase the minimum wage for hotel workers to $18 an hour. abc7DavidGonz breaks down the details.
Read more »
Today's deals: $99 Apple TV 4K, $17 Beckham Hotel pillows, $18 Roku, $15 Echo Auto, moreToday's top deals on Thursday include the Apple TV 4K, Beckham Hotel Collection bed pillows, Roky players, the Echo Auto, and more.
Read more »
Roku deals start at $18 in Amazon's early Black Friday saleRoku deals available this week are so impressive, with the lowest prices we've seen in 2022. Get a new Roku media player for just $17.99!
Read more »
Indiana Silver Alert: Hannah Shelton, 12, missing from AtticaPolice in Indiana are asking for the public's help locating a missing 12-year-old girl who is believed to be in extreme danger.
Read more »
Silver Line gives Metro, Dulles Airport optimism for new passengersMetro and the airports authority see the line as a significant boost for regional rail and air travel, which have faced pandemic-related problems and staffing shortages.
Read more »