XAGUSD SIGNAL 26-10-2022 : XAGUSD climbs back above mid-$19.00s, bulls flirt with 100-day SMA.

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TODAYS XAGUSD MARKET NEWS

XAGUSD SIGNAL 26-10-2022 : XAGUSD climbs back above mid-$19.00s, bulls flirt with 100-day SMA.

  • Silver climbs back closer to a nearly two-week high touched on Monday.
  • Bulls await a move beyond the 100-day SMA before placing fresh bets.
  • A break below the $18.00 mark is needed to negate the positive outlook.

Silver builds on the previous day’s bounce from the 200-hour SMA support and gains some follow-through traction for the second successive day on Wednesday. The positive move lifts the white metal back above the mid-$19.00s during the early European session, closer to a nearly two-week high touched on Monday.

XAGUSD SIGNAL : The XAGUSD is currently flirting with the 100-day SMA barrier, which if cleared decisively should pave the way for a further near-term appreciating move. Meanwhile, oscillators on hourly charts are holding in the bullish territory and have just started moving in the positive zone on the daily chart. This, in turn, supports prospects for an eventual breakout through the aforementioned barrier.

The XAG/USD might then aim to surpass the $20.00 psychological mark and climb further towards the next relevant hurdle near the $20.50 region. Bulls might then aim to reclaim the $21.00 round-figure mark. The latter coincides with the 200-day EMA, above which the momentum could eventually lift spot prices back towards the monthly swing high, around the $21.25 region.

XAGUSD SIGNAL : On the flip side, the $19.20 area now seems to protect the immediate downside ahead of the $19.00 mark and the 200-hour SMA, currently around the $18.80 region. A convincing break below might prompt some technical selling and make the XAG/USD vulnerable to accelerate the fall towards the $18.30-$18.25 intermediate support en route to the next relevant support near the $18.00 round figure.

Failure to defend the latter will negate any near-term positive bias and shift the bias back in favour of bearish traders. The subsequent downfall has the potential to drag the XAG/USD further towards the YTD low, around the $17.55 area touched in September. The downward trajectory could get extended to the next relevant support near the $17.00 round-figure mark.

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