Silver Price Analysis: XAG/USD remains depressed around mid-$23.00s, holds above 61.8% Fibo. – by hareshmenghani Silver Commodities Technical Analysis XAGUSD Silver
irst day of a new week. The white metal maintains its offered tone through the early European session and is currently trading near the lower end of the daily range, around mid-$23.00s.
From a technical perspective, the recent pullback from the $25.25 area showed resilience below the 61.8%retracement level of the June-July rally and stalled near ascending trend-line support extending from a multi-month low touched in June. The subsequent move-up warrants some caution for bearish traders. That said, the lack of follow-through buying and a failure near the 50% Fibo.
However, it will still be prudent to wait for some follow-through selling below the ascending trend-line support, currently near the $23.20 region, which nears the very important 200-day Simple Moving Average , before placing fresh bearish bets. The XAG/USD might then turn vulnerable to weaken further below the $23.00 mark, towards retesting the multi-month low, around the $22.15-$22.10 area touched in June. This is closely followed by the $22.
On the flip side, the 50% Fibo. level, around the $23.70 area, now seems to act as an immediate hurdle. Any subsequent move up is likely to attract fresh sellers and remain capped near the $24.00-$24.10 confluence support breakpoint, turned resistance. The said area comprises the 100-day SMA and the 38.2% Fibo. level, which should act as a pivotal point. A sustained strength beyond could lift the XAG/USD back towards the 23.6% Fibo. level, around the $24.45-$24.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silver Price Analysis: XAG/USD bounces off six-week-old support towards $24.00Silver Price Analysis: XAG/USD bounces off six-week-old support towards $24.00 – by anilpanchal7 Silver XAGUSD Technical Analysis Commodities ChartPatterns Silver
Read more »
Binance Coin (BNB) Price Analysis for August 5How long can the sideways trading of BNB last? Dave_Jonez_02 BNB Pain_Alive_BNB Binance_DEX BinanceResearch BinanceAngels
Read more »
Worldcoin (WLD) Price Analysis for August 5Can the rate of WLD rise against the market correction?
Read more »
XRP Price Analysis for August 6Has the rate of XRP touched the local bottom yet? XrpYoyo ANT159694954 nuonrg WillyWonkaXRP RippleXrpie boncryp
Read more »
Bitcoin (BTC) Price Analysis for August 6Can buyers hold the rate of BTC above the $29,000 zone? NickSzabo4 alistairmilne Maybemore_DC WhalePanda maxkeiser
Read more »
NZD/USD Price Analysis: Kiwi rebound eyes 0.6150 and NZ/US inflation cluesNZD/USD Price Analysis: Kiwi rebound eyes 0.6150 and NZ/US inflation clues – by anilpanchal7 NZDUSD Inflation Technical Analysis ChartPatterns Currencies
Read more »