Xagusd Trades Near Resistance

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Xagusd Trades Near Resistance

Silver (Xag/Usd) Trades Close To $23.00 With A Negative Tone.

The Silver metal (XAG/USD) can be seen trading in the positive territory & will likely also end its losing streak of 3 days. However, XAG/USD is also marginally higher from its lows near the $22.75, which suggests that caution is still needed.

For now, the critical focus is a bullish break of $23.00, a significant resistance zone. The XAG/USD can be seen for the day with a change of +0.60%.

$23.60 Remains Important For Xag/Usd

According to technical analysts, any move towards the upside in the XAG/USD must first cross the 100 SMA. This moving average prints near the $23.30 level, beyond the $23.00 handle.

Once XAG/USD traders cross these two hurdles, the next resting stop will be $23.60, where the 200 SMA is also present. So, the area between $23.60 and $27.0 is a critical pivot point that can tip the XAG/USD into positive territory.

Once the $23.60 is crossed & and tested as support, the next target for the XAG/USD bulls will be the $24.00 level. Touching all these levels will signify that the XAG/USD's downfall has ended. In this case, the next target at $24.60, $25.00, and $25.20 will become accessible to the XAG/USD bulls.

However, the XAG/USD D1 chart oscillators show that negative pressure is still intact. This means the easiest path for the XAG/USD is downside rather than upside.

On the downside, experts point out that the $22.70 level is essential and could serve as support. The bigger picture is that anything can happen in the XAG/USD as important US data is scheduled ahead. A lot can affect the XAG/USD's performance, from rate cuts to CPI to Fed comments.

It is also important to note that any bullish signs in the XAG/USD will lead to an upside in the XAU/USD (Gold).

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