Silver Price Analysis: XAG/USD remains below 50-period SMA on H4, FOMC awaited – by hareshmenghani Silver Commodities Technical Analysis Fed XAGUSD Silver
Traders now seem reluctant to place aggressive bets ahead of the key FOMC decision.struggles to capitalize on the previous day's goodish rebound from the $24.30-$24.25 area, or a one-and-half-week low and trades with a mild negative bias through the Asian session on Wednesday. The white metal, however, lacks follow-through selling and currently trades around the $24.65 region, down less than 0.15% for the day.
From a technical perspective, the recent break and acceptance below the 50-period Simple Moving Average favours bearish traders and suggests that the path of least resistance for the XAG/USD is to the downside. That said, oscillators on hourly/daily charts are holding in the positive territory and warrant some caution before positioning for any further depreciating move.
On the flip side, the weekly low, around the $24.30 area, is likely to protect the immediate downside, below which the XAG/USD could slide to the $24.00 mark. Some follow-through selling should pave the way for deeper losses towards the $23.65-$23.60 support before the XAG/USD drops to the $23.20-$23.15 region. Some follow-through selling below the $23.
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