- Silver extends pullback from a two-week top, pressured around intraday low of late.
- Confirmation of a bearish chart pattern, downbeat MACD signals favor sellers.
- 50-SMA, monthly act as intermediate halts during the theoretical slump towards $20.00.
Silver (XAG/USD) remains on the back foot around the daily bottom, keeping the pullback from a fortnight high, as sellers flirt with $21.75-70 during Tuesday’s Asian session.
In doing so, the silver prices tease bears by confirming the one-week-old rising wedge bearish chart pattern. Bearish MACD signals also back the rising wedge confirmation and add strength to the downside hopes.
That said, the 50-SMA level of $21.48 and the $21.00 threshold may entertain silver sellers ahead of directing them to the monthly low of $20.45.
It’s worth noting that the XAG/USD weakness past $20.45 will aim for the stated wedge confirmation’s theoretical target surrounding $20.00.
On the flip side, corrective pullback needs to cross the 61.8% Fibonacci retracement of May 05-13 downside, around $22.20, to restore the silver buyer’s confidence.
Following that, the upside momentum will aim for the monthly high near $23.30.
Silver: Four-hour chart
Trend: Further downside 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. 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.
Recommended content
Editors’ Picks
AUD/USD defends 0.6400 after Chinese data dump
AUD/USD has found fresh buyers near 0.6400, hanging near YTD lows after strong China's Q1 GDP data. However, the further upside appears elusive amid weak Chinese activity data and sustained US Dollar demand. Focus shifts to US data, Fedspeak.
USD/JPY stands tall near multi-decade high near 154.50
USD/JPY keeps its range near multi-decade highs of 154.45 in the Asian session on Tuesday. The hawkish Fed expectations overshadow the BoJ's uncertain rate outlook and underpin the US Dollar at the Japanese Yen's expense. The pair stands resilient to the Japanese verbal intervention.
Gold: Buyers take a breather below $2,400 amid easing geopolitical tensions
Gold price is catching a breath below $2,400 in Asian trading on Tuesday, having risen over 1% in the US last session even on a solid US Retail Sales report, which powered the US Dollar through the roof. Easing Middle East geopolitical tensions and strong Chinese data could cap Gold's upside.
SOL primed for a breakout as it completes a rounding bottom pattern
Solana price has conformed to the broader market crash, following in the steps of Bitcoin price that remains in the red below the $65,000 threshold. For SOL, however, the sensational altcoin could have a big move in store.
Israel-Iran military conflict views and takeaways
Iran's retaliatory strike on Israel is an escalation of Middle East tensions, but not necessarily a pre-cursor to broader regional conflict. Events over the past few weeks in the Middle East, more specifically this past weekend, reinforce that the global geopolitical landscape remains tense.