Silver Price (XAG/USD) remains on the back foot around $24.40 despite lacking downside momentum amid the early hours of Friday’s trading. In doing so, the bright metal portrays the market’s cautious mood ahead of the US employment report for August, including the headline Nonfarm Payrolls (NFP).
However, bearish MACD signals and the downbeat RSI (14) line, not overbought, join the confirmation of a one-week-old rising wedge bearish chart formation to keep the XAG/USD sellers hopeful.
With this, the Silver sellers appear well set to drop towards the 50-SMA level of around $24.15, a break of which could direct the XAG/USD toward the 200-SMA support of around $23.85.
It’s worth noting that the XAG/USD weakness past $23.85 will highlight the 38.2% Fibonacci retracement of the July-August downside, near $23.40, ahead of directing the sellers toward the mid-August swing high of around $23.00.
On the flip side, the Silver Price remains on the back foot unless defying the rising wedge chart formation, by crossing the stated wedge’s upper line near $25.05.
Even so, the tops marked during late July and the previous monthly high, respectively near $25.15 and $25.30, will act as the final defense of the Silver bears.
Trend: Further downside 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.