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- Silver Price Analysis: XAG/USD stays pressured towards $23.50 support
Silver Price Analysis: XAG/USD stays pressured towards $23.50 support
- Silver price takes offers to reverse the previous day’s corrective bounce off six-week low.
- Failure to cross late March swing highs lure XAG/USD sellers even as oversold RSI prods downside.
- 200-SMA acts as an extra upside filter; bullish MACD signals also challenge Silver bears.
Silver price (XAG/USD) renews its intraday low near $24.00 as it reverses the week-start rebound from the lowest levels in 1.5 months. In doing so, the bright metal portrays its inability to cross a horizontal resistance stretched since late March.
With this, the XAG/USD is likely to decline further towards the 50% Fibonacci retracement level of the commodity’s March-May upside, near $23.80.
However, the oversold RSI (14) and bullish MACD signals will join the multiple levels marked during late March and early April, near $23.50, to limit the Silver price.
In a case where the Silver price remains bearish past $23.50, the 61.8% Fibonacci retracement, also known as the Golden Fibonacci Ratio, around $23.25, will act as the final defense of the Silver buyers.
Meanwhile, the XAG/USD’s upside break of the immediate six-week-old horizontal resistance, near $24.20, isn’t an open invitation to the buyers as multiple hurdles marked in April around $24.50-60 challenge the metal’s further upside. Also acting as an upside filter is the 200-SMA level of around $25.00.
To sum up, Silver price is likely to witness further downside but the room toward the south is limited.
Silver price: Four-hour chart
Trend: Limited downside expected
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