Silver Price Analysis: XAG/USD bulls take a breather near 50-day SMA hurdle near mid-$20.00s – by hareshmenghani Silver Technical Analysis XAGUSD Commodities
tal extends the sideways consolidative price move through the early North American session and remains confined in a range below mid-$20.00s, or a one-month high set earlier this Monday.
From a technical perspective, the XAG/USD, so far, has struggled to find acceptance above the 50% Fibonacci retracement level of the $22.52-$18.15 slide. Furthermore, the strong positive momentum stalls near the 50-day SMA. The latter should now act as a key pivotal point and help traders determine the next leg of a directional move.
Oscillators on the daily chart, meanwhile, have just started gaining positive traction and support prospects for a further near-term appreciating move. That said, RSI on the daily chart is already flashing overbought conditions. This makes it prudent to wait for some near-term consolidation before the next leg up for the XAG/USD.
Spot prices might then aim to surpass the 61.8% Fibo. level, around the $20.85 region, and reclaim the $21.00 round figure. The momentum could further get extended and lift the XAG/USD towards the next relevant hurdle near the $21.40-$21.50 area en-route the $22.00 mark and the 100-day SMA, currently around the $22.15 zone.
On the flip side, any meaningful slide now seems to find decent support near the $20.00 psychological mark. This is followed by the 38.2% Fibo. level, around the $19.80 region. A convincing break below the latter would suggest that the recovery from the YTD low has run out of steam and shift the bias in favour of bearish traders.
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