XAGUSD SIGNAL 09-09-2022 : XAGUSD steadily climbs to $19.00 neighbourhood, two-week high.


XAGUSD SIGNAL 09-09-2022 : XAGUSD steadily climbs to $19.00 neighbourhood, two-week high.

  • Silver scales higher for the third successive day and climbs to a two-week high on Friday.
  • Mixed technical set-up warrants caution for bulls, before positioning for further move up.
  • A convincing break below the $18.00 mark is needed to shift the bias in favour of bears.

Silver prolongs its recent recovery move from the lowest level since June 2020 and gains traction for the third successive day on Friday. This also marks the fifth day of a positive move in the previous six and lifts the white metal to a two-week high, closer to the $19.00 mark during the first half of the European session.

XAGUSD SIGNAL : This week’s breakout through the top end of a nearly one-month-old descending channel and a subsequent strength beyond the 100-period SMA on the 4-hour chart is seen as a key trigger for bullish traders. This might have set the stage for additional near-term gains, though mixed oscillators on hourly/daily charts warrant some caution.

Technical indicators on the daily chart – though have been recovering from the negative territory – as yet to confirm a bullish bias. Moreover, RSI (14) on the 4-hour chart is already flashing slightly overbought conditions. This makes it prudent to wait for some consolidation or a modest pullback before positioning for the next leg up.

XAGUSD SIGNAL : From current levels, any meaningful slide is likely to find decent support near the $18.60-$18.50 region ahead of the descending trend-channel breakpoint, currently around the $18.20-$18.15 zone. Some follow-through selling below the $18.00 mark will negate the positive bias and suggest that the corrective bounce has run out of steam.

On the flip side, momentum beyond the $19.00 round figure is likely to confront stiff resistance near the 200-period SMA on the 4-hour chart. The said barrier, currently around the $19.35 region, should now act as a key pivotal point. Sustained strength beyond will reaffirm the constructive outlook and pave the way for further upside.

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