Silver price advances sharply during the week, though as the Asian session begins, the XAG/USD is facing solid resistance at the 200-day Exponential Moving Average (EMA) at $22.94. That said, the Silver (XAG/USD) spot is trading at $22.77, almost flat, at the time of writing.
XAG/USD shifted bearish once it fell below the 200-day EMA and beneath the May 26 daily low of $22.68. Even though XAG/USD hovers above the latter, a daily close above it’s required to keep buyers hopeful of reclaiming higher prices, like the 200-day EMA, ahead of the $23.00 barrier.
Nevertheless, the XAG/USD’s path of least resistance is downward biased, as shown by the Relative Strength Index (RSI) indicator, at bearish territory. At the same time, the three-day Rate of Change (RoC) portrays some buying pressure lifted the XAG/USD.
That said, the XAG/USD first support would be $22.68. A breach of the latter will expose the XAG/USD last week’s low of $22.11 before dropping beneath the $22.00 mark. Conversely, if XAG/USD achieves a daily close above the 200-day EMA, the XAG/USD could challenge $23.00 as the first resistance. Break above will expose the 20-day EMA at $23.31, followed by the 100-day EMA at $23.45.
© 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.