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- Silver Price Analysis: XAG/USD retreats from 10-DMA to snap two-day uptrend
Silver Price Analysis: XAG/USD retreats from 10-DMA to snap two-day uptrend
- Silver eases from weekly high, wavers around intraday low.
- Bearish MACD signals, failures to cross immediate moving average direct bears to four-month-old support.
- 50-DMA acts as the key for buyer’s entry, early November’s low offers additional filters to the north.
Silver (XAG/USD) prices stay pressured around $22.20, down 0.30% intraday, while snapping the previous two-day uptrend during early Tuesday.
The brighter metal’s latest weakness could be linked to the failures to cross the 10-DMA, as well as bearish MACD signals.
Even if the quote manages to cross the 10-DMA hurdle of $22.32, 61.8% Fibonacci retracement (Fibo.) of September-November upside and November 03 swing low, respectively around $22.90 and $23.00, will test the recovery moves.
Should XAG/USD bulls cross the $23.00 hurdle, the 50-DMA level near $23.55 will be important to follow.
Meanwhile, pullback moves eye a downward sloping trend line from early August, near $21.75 but the $22.00 threshold and the monthly low of $21.82 may offer intermediate halts during the fall.
In a case where silver prices drop below $21.75, the yearly low marked in October around $21.47 will be in focus.
Silver: Daily chart
Trend: Further weakness expected
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