ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

Silver Price: Bulls to Re-Attempt the Prior Week’s High at $24.40 Level for New Entries

Share On Facebook
share on Linkedin
Print

XAGUSD Price Analysis – October 9

©

Silver (XAGUSD) price prints a $24.04 intraday high level with 0.50% gains during Monday’s session. Buyers may re-attempt the prior week’s high at $24.40 level for new entries. Traders also resumed accumulating Silver on price correction as safe-haven demand reemerged amidst the second wave of coronavirus outbreak in Europe, and political uncertainty in the US.

Key Levels
Resistance Levels: $28.90, $26.50, $24.50
Support Levels: $23.50, $21.38, $19.65
XAGUSD Long term Trend: Ranging
Silver (XAGUSD) has staged a dramatic decline to $21.66 low level and rebounded to trade at $24.40 level prior week high but still failed to close above the daily moving average 13. The failure to close beyond the MA 13 could increase that level’s importance as resistance going forward.

Although the overall daily market trend is currently in a near-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish. Buying could accelerate should prices move above the close-by swing high at 24.50 level where further buy stops might get triggered.
XAGUSD Short term Trend: Ranging
The momentum indicators are painting an optimistic short-term picture as well. The RSI has extended its rally into the positive area, while the moving average 5 and 13 are forcefully stretching towards the continuation of the rebound.

Should the $23.50 level give way, the bears may need to remove the $22.83 support level to pick up steam towards the $21.38 key area. In brief, silver may remain under consolidation control in the short-term if it fails to break past the $24.50 level, with the sell-off expected to gain fresh momentum beneath the $23.50-21.83 region.

 

Source: https://learn2.trade

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com