Silver Price Analysis: XAG/USD bears set eyes on $24.15-10 support zone
|- Silver stays pressured after breaking two-week-old support line.
- Failures to cross 200-DMA replicate pullback in Momentum to keep sellers hopeful.
- Horizontal area from June adds to the upside filters.
Silver (XAG/USD) extends the week-start U-turn from 200-DMA to $24.80 during the initial Asian session on Wednesday.
In doing so, the bright metal justifies the previous day’s downside break of an ascending trend line from November 03 amid a retreat in the Momentum line.
That said, the 61.8% Fibonacci retracement (Fibo.) of July-September fall, around $24.70, becomes immediate support for the metal before declining towards the $24.15-10 area comprising the 100-DMA and 50% Fibo.
In a case where the silver bears dominate past $24.10, the $24.00 threshold and highs marked during mid-October around $23.60 will be in focus.
Alternatively, the support-turned-resistance line around $25.00 and the 200-DMA level of $25.33 guards the quote’s recovery moves.
Also acting as the key resistance is the region including multiple levels marked since June around $25.50.
Silver: Daily chart
Trend: Further weakness expected
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