Analysis of the Silver Price: XAG/USD bears nudge $23.50 with eyes on brilliant Fibonacci proportion

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The price of silver reverses Friday’s corrective bounce and displays a two-day downtrend.

Approaching bear cross on MACD, supported exchanging under 50-SMA keeps XAG/USD venders confident.

Silver merchants can keep 61.8% Fibonacci retracement on radar except if breaking $24.55 opposition.

Silver Value (XAG/USD) stays on the back foot around the intraday low of $23.45 heading into Tuesday’s European meeting.

In doing as such, the splendid metal drops for the second sequential day while expanding the U-abandon the 50-SMA, as well as remaining under a one-week-old slipping opposition line. The impending bear cross on the MACD indicator also favors the bright metal sellers.

With this, the Silver cost seems defenseless against retesting the month to month low of almost $23.30 set apart on Friday. The near $23.25 61.8% Fibonacci retracement level of the upside from March to May is also on the bears’ radar for the XAG/USD pair.

For a situation where the Silver cost stays negative past $23.25, the $23.00 could go about as the last guard of the purchasers.

On the other hand, short-term recovery of the Silver price is restricted by the 50-SMA and one-week descending resistance line, which are close to $23.85 and $23.90, respectively.

Regardless of whether the brilliant metal remaining parts firmer past $23.90, the $24.00 round figure and a seven-week-old even obstruction region around $24.50-55 will be at the center of attention.

Overall, the bears are still watching the Silver price unless it crosses $24.55.

About the author

Nafees Saifi // entrepreneur, author, trainer, and stocks and FX trader. 
Nafees Saifi is a professional FX trader from, India. Nafees has extensive experience trading commodities, bonds, and equity futures in the Asian, European, and US markets. Nafees holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.


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