Silver Price Analysis: XAG/USD takes offers between 10-DMA and 78.6% Fibo.

Silver (XAG/USD) retreats to $22.40, down 0.23% intraday, as sellers keep reins during early Thursday. The bright metal’s weakness could be linked to  |  09/12/2021 02:29
  • Silver extends the previous day’s pullback, pressured around intraday low.
  • Sluggish RSI line, failures to cross immediate DMA challenge buyers, Bears eye yearly low.

Silver (XAG/USD) retreats to $22.40, down 0.23% intraday, as sellers keep reins during early Thursday.

The bright metal’s weakness could be linked to the failures to cross the 10-DMA and downbeat RSI line, not oversold, which suggest further downside.

That said, 78.6% Fibonacci Retracement (Fibo.) level of September-November upside, near $22.20, restricts near-term declines of the XAG/USD prices. Adding to the downside filters is the $22.00 threshold.

However, a clear decline below the $22.00 will make the commodity vulnerable to test the yearly bottom of $21.42.

Alternatively, recovery moves need to cross the 10-DMA level of $22.56 and 61.8% Fibo. level near $22.95 before directing the silver buyers toward November’s low near $23.00.

Even if the quote rises past $23.00, bulls will wait for the sustained run-up beyond the late November swing high, around $23.75, for conviction.

Silver: Daily chart

Trend: Further weakness expected

 

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