Silver Price Analysis: XAG/USD bears ignore Tuesday’s spinning top to target $24.00
|- Silver refreshes intraday low while defying the previous day’s pullback from $23.83.
- Bearish MACD overrules candlestick formation suggesting that the sellers are tiring.
- Lows marked in July 30, 100-day SMA can offer nearby support, 50-day EMA and 61.8% Fibonacci retracement restrict immediate upside.
Silver prices drop to $24.28, intraday low of $24.23, while flashing a 0.40% intraday loss during Wednesday’s Asian session. The white metal’s bounce off $23.83, amid the late-US session on Tuesday, printed spinning top candlestick on the daily chart. Though, the bearish MACD keeps the sellers hopeful.
As a result, $24.00 and the monthly low near $23.70 appear on the traders’ radars as immediate support ahead of August month’s trough surrounding $23.40.
During the quote’s additional weakness past-$23.40, July 30 bottom and 100-day EMA, respectively around $22.90 and $22.80, hold the key to July month’s low of $22.31.
Alternatively, silver buyers’ return needs to conquer the $25.10/20 resistance confluence, comprising 50-day EMA and 61.8% Fibonacci retracement of late-July upside, to aim for September 08 low near $25.85.
In a case where the bullion stays strong beyond $25.85, the September 16 peak close to $27.65 and the monthly high of $28.90 will be the key to watch.
Silver daily chart
Trend: Bearish
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