Silver Price Analysis: XAG/USD keeps pullback from 100-HMA
|- Silver prints mild losses, recently fails to extent recovery moves from $23.87.
- Sustained trading below the key HMA suggests further downside.
- Monthly horizontal support challenges the bears amid normal RSI conditions.
Silver declines to $23.96, down 0.17% intraday, during Friday’s Asian trading. In doing so, the white metal keeps its U-turn from 100-HMA, marked the previous day, while defying Thursday’s recovery moves.
Considering the normal RSI conditions backing the latest pullback from the key HMA, the commodity prices can weaken further. However, a horizontal area comprising lows marked since December 01, between $23.50 and $23.60, offers a tough nut to crack for the silver sellers.
In a case where the metal bears dominate past-$23.50, 61.8% Fibonacci retracement of November 30 to December 08 upside, at $23.02, will challenge the further downside.
Alternatively, an upside clearance of 100-HMA, at $24.23 now, will have to refresh the monthly top of $24.86 before eyeing the $25.00 threshold.
During the quote’s successful rise above the $25.00 round-figure, November’s high near $26.00 will be in the spotlight.
Silver hourly chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.