A Bit More Downside For Silver In The Near Term?
Although recently we saw a price rebound in
XAGUSD
, still, the commodity remains below our 200-day EMA and a short-term downside resistance line drawn from the high of December 3rd. That said, in order to continue aiming lower, a break below the 22.51 hurdle, marked near the lows of December 13th and January 11th, would be needed. Until then, we will take a cautiously bearish approach in the near term.
If, eventually, we do see a price-drop below the 22.51 zone, this will confirm a forthcoming lower low, possibly clearing the path towards the next key support area, at 21.88, which is the lowest point of November 2023. If the bears cannot stop there, the next potential target for
XAGUSD
might be near the medium-term tentative upside support line taken from the lowest point of March 2023.
Alternatively, a break of the previously mentioned downside line and a push above the 23.54 barrier may attract more buying interest.
XAGUSD
could then travel to the 24.60 territory, marked by the high of December 22nd, where a temporary hold-up might occur. If the bulls continue to charge, this may result in a further move north, potentially aiming for the highest point of December, at 25.92.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
XAGUSD
, still, the commodity remains below our 200-day EMA and a short-term downside resistance line drawn from the high of December 3rd. That said, in order to continue aiming lower, a break below the 22.51 hurdle, marked near the lows of December 13th and January 11th, would be needed. Until then, we will take a cautiously bearish approach in the near term. If, eventually, we do see a price-drop below the 22.51 zone, this will confirm a forthcoming lower low, possibly clearing the path towards the next key support area, at 21.88, which is the lowest point of November 2023. If the bears cannot stop there, the next potential target for
XAGUSD
might be near the medium-term tentative upside support line taken from the lowest point of March 2023. Alternatively, a break of the previously mentioned downside line and a push above the 23.54 barrier may attract more buying interest.
XAGUSD
could then travel to the 24.60 territory, marked by the high of December 22nd, where a temporary hold-up might occur. If the bulls continue to charge, this may result in a further move north, potentially aiming for the highest point of December, at 25.92. Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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