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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 price23.77
Today Daily Change0.00
Today Daily Change %0.00%
Today daily open23.77
 
Trends
Daily SMA2023.88
Daily SMA5024.68
Daily SMA10025.87
Daily SMA20025.89
 
Levels
Previous Daily High24.3
Previous Daily Low23.73
Previous Weekly High24.82
Previous Weekly Low23.73
Previous Monthly High26
Previous Monthly Low22.17
Daily Fibonacci 38.2%23.95
Daily Fibonacci 61.8%24.08
Daily Pivot Point S123.57
Daily Pivot Point S223.36
Daily Pivot Point S323
Daily Pivot Point R124.13
Daily Pivot Point R224.5
Daily Pivot Point R324.7

Author

Anil Panchal

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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