XAG/USD refreshes 10-week low as bears attack 100-DMA – Crypto News – Crypto News
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XAG/USD maintains a large top, further downside ahead – Credit Suisse XAG/USD maintains a large top, further downside ahead – Credit Suisse

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XAG/USD refreshes 10-week low as bears attack 100-DMA – Crypto News

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2 years ago

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  • Silver price takes offers to renew multi-day low, fades the previous day’s corrective bounce off 100-DMA.
  • Bearish MACD signals, failure to rebound from key DMA favors XAG/USD sellers.
  • Nearly oversold RSI (14) line challenges further downside of metal.
  • 200-DMA lures Silver bears unless XAG/USD stays below $23.25.

Silver The price (XAG/USD) drops 0.85% intraday as it renews the 2.5-month low near $21.80 during early Monday. In doing so, the bright metal pokes the 100-DMA while reversing the previous day’s corrective bounce off the multi-day low.

Given the quote’s inability to rebound from the 100-DMA, as well as the bearish MACD signals, the XAG/USD sellers are likely to keep the reins. However, the 200-DMA support, close to the $21.00 round figure, appears a tough nut to crack for the Silver bears.

Hence, the precious metal is likely to break the immediate DMA support around $21.80 but may witness a limited downside.

It’s worth noting that the October 2022 peak around $21.25 may act as an extra filter towards the south, before hitting the 200-DMA.

Meanwhile, Silver buyers need to portray a successful recovery beyond the November 2022 peak around $22.25 to regain the market’s confidence.

Even so, a horizontal area comprising multiple levels marked since early December 2022, close to $23.25, could challenge the XAG/USD bulls.

Following that, a jungle of resistances around $24.30 may test the Silver buyers before directing them to the monthly high of around $24.65, also the highest since April 2022.

Silver price: Daily chart

Trend: Limited downside expected

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