- Analytics
- News and Tools
- Market News
- Silver Price Analysis: XAG/USD takes offers between 10-DMA and 78.6% Fibo.
Silver Price Analysis: XAG/USD takes offers between 10-DMA and 78.6% Fibo.
- Silver extends the previous day’s pullback, pressured around intraday low.
- Sluggish RSI line, failures to cross immediate DMA challenge buyers, Bears eye yearly low.
Silver (XAG/USD) retreats to $22.40, down 0.23% intraday, as sellers keep reins during early Thursday.
The bright metal’s weakness could be linked to the failures to cross the 10-DMA and downbeat RSI line, not oversold, which suggest further downside.
That said, 78.6% Fibonacci Retracement (Fibo.) level of September-November upside, near $22.20, restricts near-term declines of the XAG/USD prices. Adding to the downside filters is the $22.00 threshold.
However, a clear decline below the $22.00 will make the commodity vulnerable to test the yearly bottom of $21.42.
Alternatively, recovery moves need to cross the 10-DMA level of $22.56 and 61.8% Fibo. level near $22.95 before directing the silver buyers toward November’s low near $23.00.
Even if the quote rises past $23.00, bulls will wait for the sustained run-up beyond the late November swing high, around $23.75, for conviction.
Silver: Daily chart
Trend: Further weakness expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
