Silver Price Analysis: XAG/USD flirts with 200-hour SMA support-turned-resistance Silver Commodities Technical Analysis XAGUSD Silver
Negative oscillators on daily/hourly charts warrant caution for bullish traders.regains positive traction during the Asian session on Wednesday, snapping a two-day losing streak and stalling the overnight sharp retracement slide from the vicinity of mid-$24.00s. The white metal is currently placed near the top end of its intraday trading range, around the $23.80 region, though seems to struggle to capitalize on the strength beyond the 200-hour Simple Moving Average .
The XAG/USD might then turn vulnerable to weaken further below the monthly low, around the $23.25 region, and accelerate the slide towards the $23-.00 round figure. Some follow-through selling will expose the $22.70-$22.65 area, or a two-month low touched in May before the commodity eventually drops to test the $22.00 mark.
On the flip side, the $24.00 mark, which coincides with the 38.2% Fibo. level now seems to act as an immediate hurdle. Any further move up might continue to attract fresh sellers and remain capped near the $24.50-$24.55 supply zone, or the 50% Fibo. level. A convincing breakthrough, however, should allow the XAG/USD to aim to reclaim the $25.00 psychological mark and accelerate the positive momentum further towards the $25.35-$25.40 resistance zone.
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