Silver Price Analysis: XAG/USD hangs near two-year low, seems vulnerable below $19.00 – by HareshMenghani Silver Commodities Technical Analysis XAGUSD
egion. The intraday slide extended through the first half of the European session and dragged spot prices back below the $19.00 round-figure mark.
Looking at the broader picture, the recent range-bound price action witnessed over the past one-and-a-half week or so constitutes the formation of a rectangle. This points to indecision over the next leg of a directional move for the XAG/USD and warrants caution before placing fresh directional bets.
Given the recent decline from mid-$22.00 or June monthly high, the rectangle could be categorized as a bearish consolidation phase and supports prospects for an extension near-term depreciating move. That said, the oversold RSI on the daily chart could hold back bearish traders on the sidelines.. Some follow-through selling below the $18.75 area, or a two-year low, would make the XAG/USD vulnerable to accelerate the downward trajectory towards the $18.00 en-route the $17.65 support zone.
On the flip side, the top boundary of the aforementioned trading range, around the $19.50-$19.55 area, might continue to act as an immediate strong barrier hurdle. Any subsequent move up is more likely to meet with a fresh supply and run out of steam just ahead of the $20.00 psychological mark. That said, a sustained move beyond the latter might trigger a short-covering move and allow the XAG/USD to surpass an intermediate barrier near the $20.60-$20.65 region, which coincides with the 100-period SMA on the 4-hour chart. The recovery could further get extended towards the $21.00 mark.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silver Price Technical Forecast: Seven-Week Plunge Hits Major SupportSilver collapsed more than 19% ytd with XAG/USD now testing a major technical support zone. Battle-lines are drawn. Levels that matter on the weekly technical chart.
Read more »
Silver Price Forecast: XAGUSD rises near $19.20 on a soft US dollar, as recession fears increaseSilver Price Forecast: XAGUSD rises near $19.20 on a soft US dollar, as recession fears increase – by christianborjon Silver XAGUSD Commodities Metals Fed
Read more »
We Found Those Pillow Slides That Keep Trending on TikTok, and They're $19 For Amazon Prime DayThese cushioned, cloud-like pillow slides are all over TikTok, so our editors found an affordable pair to shop on Amazon.
Read more »
Adam Silver Gives His Thoughts on Kevin Durant’s Trade RequestAdam Silver weighed in on Kevin Durant’s shocking trade request, saying that the league doesn’t want to see a situation like this one “playing out the way it is'
Read more »
NBA boss Adam Silver thrilled with game, but not off-court dramaNBA commissioner Adam Silver has plenty of reasons to be happy about on-court happenings....
Read more »
PolitiFact - Colloidal silver can cause serious side effects, according to medical expertsThough colloidal silver is often promoted online as a dietary supplement, evidence for its purported health benefits is lacking. It can cause serious side effects, including permanent skin discoloration.
Read more »