Silver Price Analysis: XAG/USD extends break of 100-SMA to refresh monthly low


  • Silver bounces off intraday low but holds lower ground.
  • Nearly oversold RSI conditions suggest corrective pullback but sustained break of 100-SMA, weekly resistance line back bears.

Silver (XAG/USD) drops to the lowest since August 27, recently sidelined around $23.77 during early Monday.

In doing so, the bright metal justifies the downside break of 100-SMA and a one-week-old falling trend line. However, nearly oversold RSI challenges the sellers.

Hence, silver remains bearish unless crossing the 100-SMA level of $24.00, as well as the stated resistance line near $24.15.

In a case where the XAG/USD buyers cross $24.15, the monthly high of $24.86 will be on the radar before the %25.00 threshold.

Meanwhile, 61.8% Fibonacci retracement level of August 20 to September 03 upside near $23.60 offers immediate support.

Should silver bears keep reins past $23.60, a horizontal area from August 20, near $23.35-30 will restrict the quote’s south-run before August 20 low of $22.87 and the yearly bottom surrounding $21.15.

Silver: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 23.77
Today Daily Change 0.00
Today Daily Change % 0.00%
Today daily open 23.77
 
Trends
Daily SMA20 23.88
Daily SMA50 24.68
Daily SMA100 25.87
Daily SMA200 25.89
 
Levels
Previous Daily High 24.3
Previous Daily Low 23.73
Previous Weekly High 24.82
Previous Weekly Low 23.73
Previous Monthly High 26
Previous Monthly Low 22.17
Daily Fibonacci 38.2% 23.95
Daily Fibonacci 61.8% 24.08
Daily Pivot Point S1 23.57
Daily Pivot Point S2 23.36
Daily Pivot Point S3 23
Daily Pivot Point R1 24.13
Daily Pivot Point R2 24.5
Daily Pivot Point R3 24.7

 

 

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