Silver price (XAG/USD) remained heavy on Wednesday after last week’s more than 6% losses, which witnessed the white metal traveling from around $ 23.3
XAG/USD hovers around $20.85, attempting to stabilize after a significant drop from $23.30, marking a precarious position near a six-month low. XAG/USD to extend its losses if it fails to conquer $21.69, a break of a support trendline. Short-term consolidation between $20.69 and $21.00 offers a tight trading range, with potential upside resistance at $21.28 and downside support near $20.50. 0, to a new six-month low of $20.69.
69 - $21.00 area, as seen by the contraction of the Bollinger bands, while price action remains capped on the upside by the 20-day Exponential Moving Average , and the bottom band on the downside. If Silver buyers lift prices past $21.00, the next stop would be the upper band at $21.28, followed by the October 3 high at $21.39. Conversely if the non-yielding metal drops below $20.69, immediate support would be in the $20.50 area.
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