Silver remains depressed for the fourth straight day and languishes near a three-month low.
The setup favours bearish traders and supports prospects for a breakthrough the 200-DMA.
Any attempted recovery could attract fresh sellers near the $23.00 mark and remains capped.
Silver enters a bearish consolidation phase on Thursday and oscillates in a narrow trading band around the $22.50-$22.60 area or a three-month low touched the previous day. The white metal, however, manages to hold its neck just above the very important 200-day Simple Moving Average (SMA) support, which should act as a key pivotal point for short-term traders.
Against the backdrop of the recent failure near the 50-day SMA, bearish oscillators on the daily chart support prospects for an eventual breakdown through the technically significant moving average. Some follow-through selling below the $22.25 area, representing the 61.8% Fibonacci retracement level of the March-May rally, will be seen as a fresh trigger for bearish traders and pave the way for further losses.
The XAG/USD might then turn vulnerable to weaken further below the $22.00 mark and accelerate the downfall towards testing the $21.70-$21.65 support zone. The downward trajectory could get extended towards the $21.25 intermediate support en route to the $21.00 round figure and the next relevant support near the $20.50 area. Bears might eventually target the YTD low, levels just below the $20.00 psychological mark.
On the flip side, any meaningful recovery attempt might now confront stiff resistance near the $23.00 mark, which coincides with the 50% Fibo. level. That said, a sustained strength beyond could trigger a short-covering rally and lift the XAG/USD to the $23.30-$23.35 intermediate hurdle en route to 38.2% Fibo. level, around the $23.70-$23.75 zone. The latter should act as a key barrier and cap any further gains
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
اترك رسالتك الآن