Silver Price Analysis: XAG/USD struggles near multi-month low, below 200-day SMA Silver Commodities XAGUSD Technical Analysis Silver
The overnight breakdown below a technically significant 200-day SMA favours bearish traders.Silver
stages a modest bounce from the vicinity of the $22.00 round-figure mark, or over a three-month low touched this Friday and for now, seems to have snapped a four-day losing streak. Spot prices, however, lack follow-through buying and trade below the mid-$22.00s, around the 61.8% Fibonacci retracement level of the March-May rally heading into the European session.
From a technical perspective, the overnight break and acceptance below the very important 200-day Simple Moving Average was seen as a fresh trigger for bearish traders, against the backdrop of the recent failure near the 50-day SMA. Moreover, oscillators on the daily chart are holding deep in the negative territory and are still far from being in the oversold zone. This, in turn, adds credence to the bearishSome follow-through selling below the $22.
On the flip side, any meaningful recovery beyond the $23.45 area is more likely to attract fresh sellers near the $23.70 zone and remain capped near the $23.00 round-figure mark. The said handle coincides with the 50% Fibo. level, which if cleared decisively might trigger a short-covering rally and lift the XAG/USD to the $23.30-$23.35 hurdle en route to 38.2% Fibo. level, around the $23.70-$23.75 zone. The latter should now act as a pivotal point for short-term traders.
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