Silver prices hung upon a descending trend line near $22.60.

• Tuesday is witnessing a slight decline in silver prices after Friday’s peak of $22.82 failed to ignite a longer-term advance.
• Softening bids are observed in XAG/USD at the $25.00 falling trend line.
• Place The US dollar is closely following the price of silver, and traders will be watching for a pattern breakdown.

Tuesday saw a gentle reversal in XAG/USD pricing from Friday’s top of $22.82 to $22.82. The Israel-Hamas conflict’s recent escalation provided a lift to positive momentum for spot Silver, although metal bulls are being restrained by Silver’s severe bear run since its August high at the $25.00 handle.

Although there has been a significant increase in silver prices in October—more than 9%—from the beginning of the month when it was trading at $20.68, the outlook for the XAG/USD remains negative, and the lowest prices recorded in October still mark a seven-month low for the metal.

SILVER TECHNICAL ANALYSIS DAILY CHART:

Technical Overview

Silver is currently trading within an up channel.

Silver is positioned above all Moving Averages (SMA).

The Relative Strength Index (RSI) is in the buying zone, while the Stochastic oscillator suggests a positive trend.

Immediate Resistance level: 22.69

Immediate support level: 22.41

HOW TO TRADE SILVER

After fluctuating within a range, the price of silver broke and began to decline. Right present, silver is trying to rise after reversing from the support zone. The price is currently moving towards a significant resistance zone; if this zone is broken, more upsides could be possible.

TRADE SUGGESTION- STOP BUY – 22.87, TAKE PROFIT AT- 23.74, SL AT- 22.43.