Xagusd Faces Strong Resistance

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Xagusd Faces Strong Resistance

Silver (Xag/Usd) Faces Strong Resistance At $28.00

Some positive momentum is observed in the Silver (XAG/USD) as the Asian session on Thursday unfolds. The Silver (XAG/USD) has also managed to build on the recovery that started from the $27.15 level.

For now, the white metal is exchanging hands near the $27.70 level with 0.40% intraday gains. In the process, the white metal has also ended its 2-days losing streak and is now positive for the day.

Silver (Xag/Usd) Ends Its 2-Day Losing Streak

The technical analysis of the Silver (XAG/USD) shows that it has failed multiple times to clear the 100 SMA. On the H4 chart, the 100 SMA is seen to be near $28.00, which is also an important resistance.

As the Silver (XAG/USD) is very close to the $28.00 resistance, some caution is needed on the part of the bulls. However, once the $28.00 handle is cleared with enough momentum, the Silver (XAG/USD) will turn bullish in the medium term.

Also, the oscillators are trading in the neutral territory, which means Silver (XAG/USD) bulls need to wait for follow-through momentum before placing positions.

The next target for the Silver (XAG/USD) bulls will be $29.00, followed by the next one at $29.20. Next up is the $29.70, which is also a key resistance before the $30.00.

On the other hand, $27.20 is the first support, followed by the next one at $27.00. The $27.00 is a major support zone, and after that, the next one is found at $26.00.

surge in the selling momentum could also send the Silver (XAG/USD) lower towards the psychological level of $25.00.

For now, Silver (XAG/USD) is positive on the intraday chart as it has also ended its 2 days losing streak. Now, the focus has shifted to the next bullish target at $28.00. Similarly, a break of $27.15 will turn the Silver (XAG/USD) bearish in the short term. In that case, we can't rule out the possibility of a revisit to the $27.00 handle.

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