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.

Anil Panchal FXStreet

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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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