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The XAGUSD is Trading in the Range of 24.25–22.75

2/1/2023 1:22 PM

All last month, the XAG/USD pair was trading in the range of 24.25–22.75 amid the lack of drivers for further movement due to the celebration of the New Year, according to the Eastern calendar in China, the largest consumer of precious metals.

The Chinese economy has limited the growth of the silver price, as it has been under the pressure of quarantine measures for almost the entire past year. However, no new variants of COVID-19 have been detected in the country recently, restrictions have been eased, and holiday travel has risen to almost 90.0% of pre-pandemic levels, which could help continue the long-term uptrend with the target at 26.10, but the price needs to consolidate above the resistance level of 24.25.

Now quotes are correcting towards 22.75, and if it is held, it will be possible to consider new purchases with the first target at the maximum of January 24.50.

The medium-term trend is upward: last week, the key trend support 22.80–22.63 was tested, after which the price rose but failed to renew the previous local maximum and is falling again. This area is likely to be retested soon, and if it is held, then the growth will continue to the January high at 24.50, and when it is broken, the medium-term trend will change to a downtrend, and zone 2 (21.10–20.93) will be the target for sales.

Resistance levels: 24.25, 26.10. | Support levels: 22.75, 22.00.

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