[vc_row full_width=”stretch_row” css=”.vc_custom_1531732107238{background-color: #fcc118 !important;}”][vc_column]

[/vc_column][/vc_row][vc_row css=”.vc_custom_1531730959461{border-bottom-width: 1px !important;background-color: #f9fafb !important;border-bottom-color: #eef3f7 !important;border-bottom-style: solid !important;}”][vc_column css=”.vc_custom_1531891416301{margin-bottom: 0px !important;}”][bsfp-cryptocurrency style=”widget-6″ align=”auto” columns=”2″ scheme=”light” coins=”top-x-coins” coins-count=”8″ coins-selected=”” currency=”USD” title=”Cryptocurrencies” show_title=”0″ icon=”” heading_color=”” heading_style=”default” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ css=”.vc_custom_1531730265600{margin-bottom: 0px !important;}” custom-css-class=”” custom-id=””][/vc_column][/vc_row]

XAG/USD fades bounce off short-term support line near $24.00

0


Share:

  • Silver Price remains pressured after snapping three-day downtrend.
  • Three-week-old support line, 21-DMA restrict XAG/USD declines amid upbeat oscillators.
  • Silver buyers need validation from 50-DMA to tighten the control.

 

Silver Price (XAG/USD) takes offers to reverse the previous day’s corrective bounce by renewing its intraday low to around $23.90 early Thursday in Asia. In doing so, the XAG/USD fades bounce off a three-week-old ascending support line, as well as the 21-DMA.

It’s worth noting, however, that the bullish MACD signals and the steady RSI near the 50.0 level keep suggesting the Silver Price grind towards the north.

Hence, the XAG/USD sellers need to wait for a clear downside break of the aforementioned support line stretched from late May and the 21-DMA, respectively near $23.75 and $23.60.

Even so, the 100-DMA support of $23.35, the $23.00 round figure and May’s low of $22.70 could challenge the Silver bears before giving them control.

On the flip side, XAG/USD buyers need to provide a daily closing beyond the 50-DMA hurdle of around $24.45. That said, the $24.00 round figure appears immediate resistance for the Silver Price.

It should be noted that the late April low of around $24.50 acts as an extra filter towards the north.

To sum up, the Silver Price remains on the bull’s radar despite the latest retreat.

Silver Price: Daily chart

Trend: Limited downside expected

 

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More