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

Overview
Today last price 23.73
Today Daily Change -0.01
Today Daily Change % -0.04%
Today daily open 23.74
 
Trends
Daily SMA20 23.88
Daily SMA50 24.62
Daily SMA100 25.85
Daily SMA200 25.89
 
Levels
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

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Bulls move in and eye 1.1750/60 targets

EUR/USD bears are seeking a downside daily extension deeper into monthly support. EUR/USD bulls are stepping in which opens the risk of a meanwhile bullish correction. From a longer-term perspective, the price is pressured within monthly low territories.

EUR/USD News

GBP/USD: Pressure mounts ahead of central banks’ announcements

The Fed and the BoE will make announcements this week. UK public inflation expectations are up for this year and the upcoming ones. GBP/USD is technically bearish in the near term, poised to retest August monthly low.

GBP/USD News

Gold: NY correction could lead to a run on $1,790

The price of gold continued to rise until the late morning of the US session. XAU/USD was capped at a high of $1,781.83 and drifted back in a correction of the bullish impulse to trade near $1,775 by the closing bell on Wall Street.

Gold News

Shiba Inu bulls can't hold SHIB from dropping to $0.000006

Shiba Inu price has fallen -28% over the past four trading sessions. Bears remain in control as bulls fail to complete a breakout above $0.000008. Bulls must hold $0.000007 to prevent a drop towards $0.000006.

Read more

Fed Preview: Three ways in which Powell could down the dollar, and none is the dot-plot

No taper now, but when? That is the main question for the Fed in its all-important September meeting. The bank buys $120B worth of bonds every month and it is set to reduce the pace at some point – the first step toward raising interest rates. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures