Silver Price Analysis: XAG/USD struggles near monthly low, seems vulnerable to slide further Silver Commodities Technical Analysis XAGUSD Silver
The technical setup supports prospects for additional near-term losses.enters a bearish consolidation phase on Wednesday and oscillates in a narrow trading band just above the $23.00 mark, or a fresh monthly low touched the previous day.
From a technical perspective, the recent repeated failures to find acceptance above the 200-period Simple Moving Average , followed by the overnight slump favour bearish traders. Moreover, oscillators on the daily chart have again started drifting into negative territory. That said, the Relative Strength Index on hourly charts flash oversold conditions and warrants some caution before positioning for any further slide.
On the flip side, the $23.60-$23.65 region now seems to act as an immediate hurdle ahead of the 200-period SMA on the 4-hour chart, around the $23.90 area. Some follow-through buying beyond the $24.00 mark might trigger a short-covering move and lift the towards the $24.50-$24.55 zone, or the monthly peak touched last week. The latter should act as a pivotal point, which if cleared decisively should allow bulls to reclaim the $25.00 psychological mark and test the $25.30-$25.40 resistance zone.
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