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Silver Price Analysis: XAG/USD hints at corrective bounce off $22.80 amid oversold RSI

From fxstreet.com

Silver Price (XAG/USD) sellers take a breather at the lowest levels in four weeks, making rounds to $23.00 amid early Thursday in Asia. In doing so, the bright metal seesaws around the monthly low after falling in the last three consecutive days. That said, the oversold RSI (14) line challenges the XAG/USD’s further downside. As a result, a convergence of the 200-day Exponential Moving Average (EMA) and 38.2% Fibonacci retracement of the metal’s upside from September 2022 to May 2023, near $22.80, becomes crucial for Silver sellers to watch. Should the XAG/USD traders ignore the oversold RSI and break the $22.80 ... (full story)

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  • Category: Technical Analysis