XAG/USD hits a four-week high but retreats as gravestone doji emerges – Crypto News – Crypto News
Connect with us
XAG/USD waver around $19.00 on subdued trading, ahead of Jackson Hole XAG/USD waver around $19.00 on subdued trading, ahead of Jackson Hole

others

XAG/USD hits a four-week high but retreats as gravestone doji emerges – Crypto News

Published

2 years ago

on

Share:

  • Silver price hits a four-week high at $24.52 but retraces to $24.26.
  • For bullish continuation, XAG/USD must breach the $24.49 resistance, opening the path to $25.00 per troy ounce.
  • XAG/USD’s failure to crack $24.49 could lead to further losses, with potential dips to $24.01 and $23.63.

Silver price reaches a new four-week high but retraces from those levels to finish the day, forming a gravestone doji, suggesting neither buyers nor sellers win the battle, which would continue into the following week. Therefore, the XAG/USD finished the week trading at $24.26 after hitting a daily high of $24.52.

XAG/USD Price Analysis: Technical outlook

The XAG/USD daily charts portrays the pair as neutral-biased in the near term. Although the daily EMAs benefit Silver’s spot price, XAG/USD’s failure to break market structure above the April 25 low turned resistance at $24.49 would likely keep Silver’s price depressed. Nevertheless, real news like the Federal Reserve (Fed) monetary policy decision on Wednesday could give direction after printing a doji on the latest day of the week.

For a bullish continuation, XAG/USD must reclaim $24.49, which could put the $25.00 figure per troy ounce into play. A breach of the latter would expose the May 11 high at $25.47 before challenging the May 10 daily high at $25.91.

XAG/USD’s failure to break $24.49 could pave the way for further losses. The XAG/USD could dive towards the June 2 daily high at $24.01, followed by the June 8 low at $23.63, ahead of dropping towards $23.50.

XAG/USD Price Action – Daily chart

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending