Silver Price Analysis: XAG/USD trades with modest losses, bullish potential intact Silver Commodities Technical Analysis XAGUSD
since February 3 touched the previous day. The white metal trades just below the mid-$22.00s during the early European session and still seems poised to prolong its recent appreciating move witnessed over the past two weeks or so.
The recent breakout through the $21.65-$21.70 confluence resistance was seen as a fresh trigger for bullish traders. Furthermore, a subsequent move and acceptance above the 50% Fibonacci retracement level of the recent sharp pullback from a multi-month peak further add credence to the constructive. This, along with bullish oscillators on 4-hour and daily charts, suggests that the path of least resistance for the XAG/USD is to the upside.
Hence, any subsequent dip towards the overnight swing low, around the $22.20 area, which coincides with the 50$ Fibo. level, could be seen as a buying opportunity. That said, some follow-through selling below the $22.00 mark could drag the XAG/USD to the $21.65-$21.70 confluence resistance break point. This comprises the 200-period Simple Moving Average on the 4-hour chart and the 38.2% Fibo. level, which should act as a pivotal point.
A convincing break below the latter could expose the $21.00 mark, representing the 23.6% Fibo. level. The XAG/USD might then turn vulnerable to accelerate the fall towards testing the $20.55-$20.50 intermediate support en route to the $20.00 psychological mark. The downward trajectory could get extended further towards the next relevant support near the $19.60 region.
On the flip side, the $22.70 area, or a multi-week top touched on Monday, could act as an immediate hurdle ahead of the 61.8% Fibo. level, around the $22.85 region and the $23.00 mark. Some follow-through buying will pave the way for a move towards testing the next relevant hurdle near the $23.25-$23.35 zone en route to the $24.00 round-figure mark. Bulls might then aim to challenge the multi-month top, around the $24.65 zone touched in February.
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