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Silver Price Analysis: XAG/USD bears eye monthly support line below $24.00

From fxstreet.com

Silver takes offered around $23.95, down 0.37% intraday, to refresh the daily lows during early Thursday. In doing so, the bright metal extends the previous day’s downside break of two-week-old support, now resistance, while also printing a three-day south-run. Given the bearish MACD signals joining the recent support break, XAG/USD sellers are hopeful to challenge an ascending support line from September 30, near $23.60. However, any further weakness past $23.60 will be challenged by the 200-SMA level near the $23.00 round-figure, a break of which will direct silver sellers toward a 61.8% Fibonacci retracement level ... (full story)

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  • Category: Technical Analysis