Silver Price Analysis: Bear cross on 4H keeps XAG/USD sellers hopeful below $24.00

  • Silver fades rebound from monthly low, remains sidelined of late.
  • Bear cross, failures to keep recovery from the key Fibonacci retracement level favor sellers.
  • Weekly falling trend line adds to the upside filters.

Silver (XAG/USD) consolidates the bounce off a 12-day low while easing to $23.73 during a sluggish Asian session on Tuesday.

The bright metal refreshed multi-day low the previous day but failed to provide a decisive trading below 61.8% Fibonacci retracement of August 20 to September 03 upside.

That said, a bearish crossover of the 50-EMA past 100-EMA joins a downward sloping RSI line, not oversold, to keep silver sellers hopeful.

Hence, the stated key Fibonacci retracement level near $23.60 is nearby support to watch before targeting the latest low, also the lowest since August 27 around $23.40-30.

It should be noted that the late-August swing lows close to $22.87 may offer an intermediate halt during the commodity’s fall below $23.30, targeting the yearly low surrounding $22.15.

On the contrary, recovery moves need to cross a one-week-old falling resistance line, near $24.00, before challenging a convergence of the stated EMAs near $24.05.

Even if the XAG/USD bulls manage to cross $24.05, 23.6% Fibonacci retracement and early September lows, close to $24.40 and $24.65-70 in that order, will be the key to watch.

Silver: Four-hour chart

Trend: Further weakness expected

Additional important levels

Today last price 23.73
Today Daily Change -0.01
Today Daily Change % -0.04%
Today daily open 23.74
Daily SMA20 23.88
Daily SMA50 24.62
Daily SMA100 25.85
Daily SMA200 25.89
Previous Daily High 23.86
Previous Daily Low 23.38
Previous Weekly High 24.82
Previous Weekly Low 23.73
Previous Monthly High 26
Previous Monthly Low 22.17
Daily Fibonacci 38.2% 23.56
Daily Fibonacci 61.8% 23.67
Daily Pivot Point S1 23.46
Daily Pivot Point S2 23.18
Daily Pivot Point S3 22.98
Daily Pivot Point R1 23.94
Daily Pivot Point R2 24.14
Daily Pivot Point R3 24.42



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