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- Silver Price Analysis: XAG/USD eases towards $25.00 on Friday’s hanging man below 200-DMA
Silver Price Analysis: XAG/USD eases towards $25.00 on Friday’s hanging man below 200-DMA
- Silver takes offers to snap three-day uptrend around the highest level since August.
- Bearish candlestick formation, overbought RSI and failures to cross 200-DMA favor sellers.
- Highs marked in September, October can entertain short-term sellers.
Silver (XAG/USD) refreshes intraday low to $25.10, down 0.11% on a day during early Monday.
The white metal renewed a three-month high the previous day but failed to cross the 200-DMA hurdle. In doing so, the quote posted a bearish candlestick formation, namely Hanging Man, amid overbought RSI conditions.
Hence, intraday sellers are in full swing to aim for the $25.00 threshold but tops marked during September and October, around $24.85-80, will challenge the silver bears afterward.
Adding to the downside filters is the 61.8% Fibonacci retracement of July-September fall, near $24.70.
Alternatively, a daily closing beyond the 200-DMA level of $25.36 will aim for August month’s high of $26.00.
Should the XAG/USD bulls keep reins past $26.00, July’s peak around $26.80 will be in focus.
Silver: Daily chart
Trend: Further weakness expected
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