Silver (XAG/USD) is going through a deep correction on Monday, with precious metals suffering as concerns about an escalation of the Middle East conflict ebb.
Silver building up bearish momentum after breaching $27.57 support level. A brighter market mood amid receding geopolitical risks is weighing on Precious metals. XAG/USD has scope for further decline, next targets are $26.85 and $26.30. Silver is going through a deep correction on Monday, with precious metals suffering as concerns about an escalation of the Middle East conflict ebb. The lower US Yields have failed to support demand for the pale metal, which has depreciated about 5.
2% Fibonacci retracement of the mentioned bull run, at $26.85 is a common target for corrections, and close below is the April 5 low, at $26.30. On the upside, the pair would need to regain the $27.60 previous support level to shift its focus to the $27.95 and Mid-April’s high, at $29.80. XAG/USD Price Action - 4 Hour Chart XAG/USD Overview Today last price 27.18 Today Daily Change -1.51 Today Daily Change % -5.26 Today daily open 28.69 Trends Daily SMA20 26.93 Daily SMA50 24.94 Daily SMA100 24.
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