Silver Price Analysis: XAG/USD consolidates around $20.00, bears retain control near YTD low Silver Commodities Technical Analysis XAGUSD
Silver bounces off a multi-month low set earlier this Wednesday, though lacks bullish conviction.The technical setup still favours bearish traders and supports prospects for further near-term losses.shows some resilience below the $20.00 psychological mark and stages a modest recovery from its lowest level since early November touched earlier this Wednesday. The white metal sticks to its modest gains, around the $20.10-$20.
The intraday uptick could be solely attributed to some short-covering amid a slightly oversold Relative Strength Index on the daily. That said, the overnight sustained break through the $20.50-$20.40 horizontal support, which coincided with the previous YTD low, was seen as a fresh trigger for bearish traders. Moreover, acceptance below a technically significant 200-day Simple Moving Average supports prospects for an extension of the recent sharp pullback from the $24.
Some follow-through selling below the $20.00 mark will reaffirm the negative bias and pave the way for further losses. The XAG/USD could then slide to the $19.60 intermediate support before dropping to the $19.00 round figure. The downward trajectory could get extended towards the $18.80-$18.75 area en route to the next relevant support near the $18.30-$18.25 horizontal zone and the $18.00 level.
On the flip side, the $20.40-$20.50 support breakpoint now seems to act as an immediate strong resistance. Any further recovery is more likely to attract fresh sellers and remains capped near the 200-day SMA, currently pegged just ahead of the $21.00 mark. The latter should act as a pivotal point, which if cleared decisively might prompt some short-covering move and lift the XAG/USD towards the mid-$21.00s. Bulls might then aim back to reclaim the $22.00 round-figure mark.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Silver Price Analysis: XAG/USD renews four-month low as bears attack $20.00Silver price (XAG/USD) remains depressed at the lowest levels in four months as sellers poke the $20.00 psychological magnet to refresh the multi-day
Baca lebih lajut »
Silver Price Analysis: XAG/USD at a brisk of falling below $21.00XAG/USD fails to extend last Friday’s rally, retreats from weekly highs of around $21.30, and drops 0.92% or 0.20 cents in Monday’s session. At the ti
Baca lebih lajut »
Silver Price Analysis: XAG/USD downside towards $20.10 appears more impulsiveSilver price (XAG/USD) stays on the bear’s radar, despite an early-day attempt to tease buyers, as the metal drops to $21.05 amid the initial European
Baca lebih lajut »
Powerball winning numbers for Monday, March 6, 2023; jackpot $20 millionThe Powerball jackpot is $20 million for the Monday, March 6, 2023, drawing.
Baca lebih lajut »
Bitcoin investment platform Relai reaches $20 million valuation in new funding roundRelai, a bitcoin investment platform focused on serving Europeans, raised $4.5 million in a new funding round.
Baca lebih lajut »
USD/CHF Price Analysis: Bears eye a downside continuation while below 0.9350USD/CHF dropped on Monday and penetrated the daily bullish trendline that has exposed 0.93 the figure. The following illustrates the risks of a bullis
Baca lebih lajut »