Silver Price Analysis: XAG/USD struggles to defend 100-SMA breakout

From fxstreet.com

Silver (XAG/USD) fades recovery moves from the weekly bottom around $22.60 during Thursday’s Asian session. In doing so, the bright metal fails to extend the 100-SMA break out below a two-week-long resistance line. As sluggish MACD portrays a lack of market support to the rebound, the metal is likely to drop back towards the key SMA level of $22.57. However, a three-week-old horizontal support area near $22.10, followed by the $22.00 threshold, will restrict the quote’s further weakness. Should silver bears dominate past $22.00, $21.60 may offer an intermediate halt during the fall targeting the yearly low near ... (full story)