Silver Price Analysis: XAG/USD sellers target 200-bar SMA
- Silver prices remain on the back foot after breaking an ascending trend line from August 12.
- 100-bar SMA guards immediate upside, downward sloping RSI favor sellers.
Silver drops to $26.68, down 0.92% on a day, during Monday’s initial trading session. The white metal keeps its downside break of nearly a month-old support line, now resistance, while also staying below 100-bar SMA amid descending RSI conditions.
As a result, sellers eye further weakness with a 200-bar SMA level of $26.29 acting as immediate support ahead of $26.00 round-figures.
During the commodity’s further weakness below $26.00, 23.6% Fibonacci retracement of its early August declines, around $24.95 will be the key as a break of which can recall $23.43 on the chart.
Meanwhile, an upside clearance of a 100-bar SMA level of $27.20 can propel the quote to confront the previous support line, now resistance, around $28.00.
Should buyers manage to conquer $28.00, multiple upside barriers around $29.00 and $29.85 can question the run-up towards the $30.00 threshold.
Silver four-hour chart
Trend: Bearish
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.