XAG/USD bears attack weekly support below $23.00


  • Silver extends Wednesday’s losses, refreshes intraday low by the press time.
  • Bearish MACD, sustained trading below 200-HMA direct sellers towards key Fibonacci retracement levels.
  • One-week-old resistance line adds to the upside filters.

Silver (XAG/USD) sellers battle with the support line of a weekly triangle, down 0.30% around $2.265 during early Thursday.

In doing so, the bright metal stretches the previous day’s downside break of 200-HMA amid bearish MACD signals.

That said, the metal’s further declines hinge on sustained trading below $22.65. Also acting as the downside filter is December 29 low near $22.60.

During the quote’s weakness past $26.60, 50% and 61.8% Fibonacci retracement (Fibo.) of December 15-28 upside, near $22.40 and $22.20 in that order, will challenge the XAG/USD bears.

Meanwhile, the corrective pullback may initially aim for the convergence of the 200-HMA and 23.6% Fibo. around $23.00.

Following that, the stated triangle’s resistance line will test the silver buyers around $23.25.

In a case where XAG/USD rises past $23.25, the tops marked around $23.45 since late November will be crucial to watch.

Silver: Hourly chart


Trend: Further weakness expected

 





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