Silver Price Analysis: XAG/USD consolidates below multi-month top, bullish potential intact – by hareshmenghani Silver Commodities Technical Analysis XAGUSD
is currently placed around the $23.70 area, well below its highest level since late April touched on Tuesday.
From a technical perspective, the recent move-up witnessed over the past week or so has been along an upward-sloping channel. This points to a well-established short-term bullish trend. Furthermore, oscillators on hourly charts have eased from the overbought territory and support prospects for further gains. That said, RSI on the dailyNevertheless, any subsequent downtick is likely to find decent support near the lower boundary of the aforementioned trend channel, currently around the mid-$23.
The next relevant support is pegged just below the $23.00 mark, which coincides with the 200-hour SMA. Some follow-through selling will expose the $22.55 support zone before the XAG/USD eventually drops to the $22.00 round figure. The latter should act as a key pivotal point and a strong base for spot prices, at least for the time being.
On the flip side, the $24.00 mark now becomes immediate hurdle, above which the XAG/USD is likely to surpass the multi-month top, around the $24.15 area, and test the ascending channel resistance. A sustained strength beyond the said barrier, currently around the $24.35 region, will be seen as a fresh trigger for bullish traders and allow the white metal to reclaim the $25.00 psychological mark.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Silver Price Analysis: Bull flag teases XAG/USD buyers above $23.00Silver Price Analysis: Bull flag teases XAG/USD buyers above $23.00 – by anilpanchal7 Silver XAGUSD Technical Analysis ChartPatterns Commodities
Leer más »
Silver Price Forecast: XAG/USD trades at multi-month highs around $23.70sSilver price advanced sharply above the $24.00 figure following the November inflation report in the United States (US) release, which ticked lower, e
Leer más »
Silver Price Forecast: XAG/USD tumbles to $23.10s on overall US Dollar strengthSilver price retraces from daily highs of $23.53 reached in the European session and tumbles toward $23.17, courtesy of a sudden change in market mood
Leer más »
Silver Price Analysis: Aims to re-test fresh seven-month high around $24.00Silver price (XAG/USD) is displaying a sideways profile around the immediate cushion at $23.70 in the Asian session. The white metal is manifesting a
Leer más »
EUR/USD Price Analysis: Bears are lurking below 1.0550, eyes on a significant correctionEUR/USD has been rallying over the course of the winter months and into year-end. However, there are prospects of a bearish correction in the meantime
Leer más »
EUR/USD Price Analysis: Doji at multi-day top, overbought RSI probe buyers ahead of FOMCEUR/USD Price Analysis: Doji at multi-day top, overbought RSI probe buyers ahead of FOMC – by anilpanchal7 EURUSD Technical Analysis ChartPatterns Candlesticks Fed
Leer más »