Silver (XAG/USD) trades a third of a percent lower in the $29.40s on Monday.
Silver is correcting within a short-term downtrend. A break below the June 13 lows would probably lead to a continuation of the trend of lower lows. The 50-day Simple Moving Average is an obstacle to bears pushing price lower. Silver trades a third of a percent lower in the $29.40s on Monday. Despite trading marginally lower on the day it has overall recovered since falling to a low of $28.66 on June 13.
Silver 4-hour Chart A break below $28.66 would confirm another lower low, and a continuation of the bearish sequence. After that, Silver could fall to an initial, conservative target at $28.06, the 0.618 Fibonacci ratio of the height of the range that unfolded in the second half of May, extrapolated lower. The 50-day Simple Moving Average at $29.01 could act as an obstacle to progress lower. Even more bearishness could see Silver reach as low as $27.02 . It would require a close above $30.
XAGUSD Technical Analysis Silver
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