Silver Price Analysis: XAGUSD struggles near two-week low, seems vulnerable below $21.00 – by hareshmenghani Silver Commodities Technical Analysis XAGUSD
une 7. The white metal remains depressed through the first half of the European session and is currently placed around the $20.75-$20.70 region or a nearly two-week low.
From a technical perspective, the recent repeated failures to find acceptance above the $22.00 mark favours bearish traders. Furthermore, a subsequent weakness back below the very important 200-day SMA supports prospects for an extension of the corrective decline. That said, oscillators on the dailyHence, any further downfall is more likely to find decent support near the $20.40-$20.35 region. This is followed by the $20.
On the flip side, attempted recovery might now confront stiff resistance near the $21.00 round figure. Any subsequent move-up is more likely to attract fresh sellers and remain capped near the $21.40-$21.50 area . The latter should act as a pivotal point, which if cleared decisively will negate any near-term negativeThe upward trajectory might then lift the XAGUSD further beyond the $21.70 intermediate hurdle, towards reclaiming the $22.00 mark.
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