简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Silver (XAG/USD) drops to the lowest levels since late February as it portrays the eight-day downtrend during Mondays Asian session. That said, the bright metal prints 0.55% intraday losses as bears attack the $22.65-60 support zone at the latest.
Silver prices remain pressured for the eight consecutive days.
Weekly support line and 138.2% Fibonacci retracement join oversold RSI conditions to test bears.
Recovery moves remain elusive until the quote stays below $24.15.
A clear downside break of an ascending trend line from February 24 triggered the bright metals south-run during late April. The downside momentum also gained support from the sustained trading below the 200-SMA. However, oversold RSI conditions have triggered intermediate bounces of the XAG/USD.
The bullions latest weakness is also prone to a corrective pullback as RSI (14) turns down to 30.00. Also challenging the bears is the convergence of the 138.2% Fibonacci retracement of February 24 to March 08 upside and a one-week-old descending trend line near $22.65-60.
Even so, the recovery moves remain elusive until crossing the previous support line from late February, around $24.15 by the press time.
On an immediate basis, a downward sloping resistance line from April 18, close to $23.40 at the latest, can test the short-term rebound.
Alternatively, a downside break of the $22.60 will make the silver price vulnerable to testing the 161.8% Fibonacci retracement level surrounding $21.95.
Silver: Four-hour chart
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Bank Negara Malaysia (BNM) has updated its Financial Consumer Alert List (FCA List) by adding 12 more entities, reinforcing its efforts to warn the public against unregulated financial schemes. Check if your broker made the list!
TradingView has launched a mini app on Telegram, making it easier for users to track market trends, check price movements, and share charts.
Oil production cuts in March are reshaping the market. Traders are closely watching OPEC+ decisions and supply disruptions, which could impact prices and future production strategies.
Leverage amplifies both potential profits and risks. Understanding how to calculate leverage and margin helps traders manage risks and avoid forced liquidation.