Silver Price Analysis: XAG/USD hangs near one-month low, seems vulnerable below 200-day SMA – by hareshmenghani Silver Commodities Technical Analysis XAGUSD Silver
The technical setup favours bearish traders and supports prospects for further losses.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. The white metal, however, struggles to capitalize on the move and seesaws between tepid gains/minor losses through the early European session. Moreover, the technical setup suggests that the path of least resistance for the XAG/USD is to the downside.
The negative outlook is reinforced by the fact that oscillators on the daily chart have just started drifting into bearish territory. That said, it will still be prudent to wait for some follow-through selling and acceptance below the $23.00 mark before placing fresh bearish bets. The XAG/USD might then accelerate the slide towards the $22.15-$22.10 area. This is followed by the $22.00 mark, which if broken decisively should pave the way for deeper losses.
On the flip side, the aforementioned confluence support breakpoint, around the $23.30 area, now seems to act as an immediate barrier. A sustained strength beyond might trigger a short-covering rally towards the $23.70 area or the 50% Fibo. level. The attempted recovery, however, is likely to attract fresh sellers and remain capped near another confluence comprising the 100-day SMA and the 38.2% Fibo. level, around the $24.00-$24.10 region.
The latter should act as a pivotal point, which if cleared decisively could lift the XAG/USD back towards the 23.6% Fibo. level, around the $24.45-$24.50 supply zone, en route to the $24.75 hurdle and the $25.00 psychological mark.
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