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Spot Silver (XAGUSD) Forecast and Daily Trade Signal 05-OCT-2022

Fxdatapanel05 Oct 2022Forex Forecast

Spot Silver (XAGUSD) Forecast and Daily Trade Signal 05-OCT-2022

Spot silver is trading around a strong resistance area (20.85). The bulls appear to be losing control and only a breach above this level will keep them intact. Other than that the intraday support levels are at 20.69 and 20.32. The intraday resistance levels are at 21.33 and 21.60.

Spot Silver (XAGUSD) Technical Outlook

The Relative Strength Index (RSI) and Bollinger Bands (BB) are currently neutral. The Stochastic is overbought while the Average True Range indicates High Volatility. The MACD (Moving Average Convergence Divergence) is above the zero line. The current price of SpotSilver (XAGUSD) keeps above the 20, 50 and 100 period moving averages.

Stochastic

Bollinger Bands

ATR

MACD

RSI

Over Bought (87)

Neutral (20.32)

0.68 (Volatility Up)

Above Zero (0.26)

63 (Neutral)

Spot Silver Support and Resistance levels – Short-term

S 1

S 2

S 3

R 1

R 2

R 3

20.69

20.32

20.05

21.33

21.60

21.97

FXDatapanel has its own proprietary algorithm for scanning the markets and recommending trading opportunities to retail and institutional traders.

Related Article: EURGBP Forecast and Daily Trade Signal

Pivot Points

1 hour

4 hours

Daily

Weekly

Monthly

20.46

20.77

20.96

18.76

18.86

Spot Silver Trading Ranges

Spot Silver Daily Trading Range: 20.30 – 21.07
SpotSilver Weekly Trading Range: 19.05 – 21.24
Spot Silver Monthly Trading Range: 19.05 – 21.24
SpotSilver Yearly Trading Range: 17.55 – 26.93

Spot Silver Trading Idea – 5-OCT-2022

Yesterday’s small downtick seems to be converting into a large correction phase and SpotSilver (XAGUSD) is likely to drop in the coming sessions which makes it ideal for selling entries using the following levels.

Signal Direction: Sell

Signal Timeframe: Daily

 

Entry: 21.71

Stop-loss: 22.39

Take Profit: 20.35

Related Article: USDCAD Daily Forecast And Trade Signal

SpotSilver Upcoming Levels to Monitor

The 20.85 is a strong resistance area for the XAGUSD and only a breach above this level will favor the bulls. On the downside, an intraday closing below 20.30 will accelerate the downtrend in the coming days.

Click here to download Spot Silver (XAGUSD) complete smart analysis from FXDatapanel.