Silver Price Analysis: XAG/USD languishes just above mid-$22.00s, over one-month low – by hareshmenghani Silver Commodities Technical Analysis XAGUSD Silver
The technical setup supports prospects for an extension of a multi-week-old downtrendkicks off the new week on a softer note and touches a fresh low since July 7 during the Asian session, though lacks follow-through selling. The white metal now seems to have entered a bearish consolidation phase and is seen oscillating in a narrow trading band just above mid--$22.00s.
Against the backdrop of the recent decline witnessed over the past three weeks or so, the subdued range-bound price action might still be categorized as a bearish consolidation phase. Moreover, last week's breakdown through a short-term ascending trend line extending from June swing low and the very important 200-day Simple Moving Average adds credence to the bearish outlook for the XAG/USD.
Hence, a subsequent slide back towards retesting the multi-month low, around the $22.15-$22.10 area touched in June, looks like a distinct possibility. Some follow-through selling below the $22.00 mark will expose the $21.55-$21.50 intermediate support and the $21.00 mark. The downward trajectory could get extended towards the $21.00 round figure en route to the YTD low, or levels just below the $20.00 psychological mark touched in March.
On the flip side, attempted recovery back towards the $23.00 round figure might still be seen as a selling opportunity and remain capped near the $23.20-$23.30 confluence support breakpoint, now turned resistance. The latter should act as a pivotal point, which if cleared decisively might trigger a short-covering move. The XAG/USD might then accelerate the recovery momentum towards the $23.60-$23.65 horizontal barrier before aiming to reclaim the $24.00 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 Analysis: RSI conditions prod XAG/USD bears above $24.00Silver Price Analysis: RSI conditions prod XAG/USD bears above $24.00 – by anilpanchal7 Silver XAGUSD Technical Analysis ChartPatterns Commodities Silver
Read more »
Silver Price Analysis: XAG/USD recovers some lost ground above $24.50 markSilver Price (XAG/USD) recovers some lost ground and snaps three days of consecutive losses heading into the European session on Tuesday. XAG/USD curr
Read more »
Silver Price Analysis: XAG/USD remains depressed around mid-$23.00s, holds above 61.8% Fibo.Silver Price Analysis: XAG/USD remains depressed around mid-$23.00s, holds above 61.8% Fibo. – by hareshmenghani Silver Commodities Technical Analysis XAGUSD Silver
Read more »
Silver Price Analysis: XAG/USD hangs near one-month low, seems vulnerable below 200-day SMASilver attracts some buying on Tuesday and recovers a part of the previous day's heavy losses to the $23.00 round-figure mark, or nearly a one-month low. Silver stages a modest recovery from a nearly one-month low touched on Monday. The technical setup favours bearish traders and supports prospects for further losses. A sustained strength beyond the $24.00 mark is needed to negate the bearish bias.
Read more »
Silver Price Analysis: XAG/USD hangs near one-month low, seems vulnerable to slide furtherSilver Price Analysis: XAG/USD hangs near one-month low, seems vulnerable to slide further – by hareshmenghani Silver Commodities Technical Analysis XAGUSD Silver
Read more »
Silver Price Analysis: XAG/USD remains below 50-period SMA on H4, FOMC awaitedSilver Price Analysis: XAG/USD remains below 50-period SMA on H4, FOMC awaited – by hareshmenghani Silver Commodities Technical Analysis Fed XAGUSD Silver
Read more »