Silver Price Analysis: XAG/USD fails ahead of $22.00 mark, 100-day SMA support breakpoint Silver Commodities Technical Analysis XAGUSD
The recent breakdown through key technical levels supports prospects for further losses.builds on Friday's modest bounce from the $21.20-$21.15 area, or its lowest level since November 29 and attracts some buyers on the first day of a new week. The intraday uptick, however, lacks bullish conviction and fails just ahead of the $22.00 round-figure mark.
From a technical perspective, the said handle represents the 100-day Simple Moving Average support breakpoint. This is followed by the 38.2% Fibonacci retracement level of the recent rally from October 2022, around the $22.15 region. Any subsequent move up is more likely to meet with a fresh supply and remain capped near the $22.55-$22.60 resistance zone.
The latter should act as a pivotal point, which if cleared decisively will negate any near-term bearish bias. The subsequent move up has the potential to lift the XAG/USD towards the $24.00 round-figure mark en route to the $24.50 supply zone. Some follow-through buying will shift the bias back in favour of bullish traders and pave the way for additional gains.
On the flip side, the 50% Fibo. level, around the $21.35 area, seems to protect the immediate downside. This is followed by Friday's swing low, around the $21.20-$20.15 region, nearing the 50% Fibo. level. A convincing break below the latter will be seen as a fresh trigger for bearish traders and make the XAG/USD vulnerable to weaken further below the $21.00 mark.on the daily chart are holding deep in the negative territory, the white metal could eventually drop to 61.8% Fibo.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silver Price Forecast: XAG/USD tumbles below $21.60 as USD Index recovers amid geopolitical tensionsSilver price (XAG/USD) has delivered a vertical fall to near $21.55 in the Tokyo session. The white metal tumbled like a house of cards as the escalat
Read more »
USD/JPY Price Analysis: Bears on the look out for a break to 132.50A 50% mean reversion could be in play for the opening range over the coming sessions and the next couple of days to test prior resistance near 132.50.
Read more »
USD/CAD Price Analysis: Tests the upside break around 1.3500The USD/CAD pair has attempted a rebound after building a cushion around 1.3470 in the early Asian session. The Loonie asset is looking to extend its
Read more »
USD/CHF Price Analysis: Finds support near the 200-EMA and trendline break around 0.9240The USD/CHF pair has sensed a buying interest after a vertical correction below 0.9240 in the early Tokyo session. The Swiss Franc asset has picked de
Read more »
Bitcoin (BTC) Price Analysis for February 18Can BTC fix above the $25,000 mark by the end of the week? NickSzabo4 alistairmilne Maybemore_DC WhalePanda
Read more »
Ethereum (ETH) Price Analysis for February 18Can ETH fix above the $1,700 mark by the end of the week? crypto Ethereum ETH $ETH cryptoexchange VitalikButerin ethereum
Read more »