Monday, September 13, 2021


XAG/USD sellers brace for $23.85 key help

Silver stays pressured after posting the most important day by day fall in a month. Steel drops again under earlier…

By Staff , in Silver , at September 8, 2021


  • Silver stays pressured after posting the most important day by day fall in a month.
  • Steel drops again under earlier resistance following a pullback from 50-DMA.
  • 20-DMA, month-to-month help line represent key help, falling pattern line from early July provides to the upside filters.

Silver (XAG/USD) holds onto the day past’s draw back momentum, the weakest in a month, round $24.35 throughout the early Wednesday morning in Asia.

The brilliant metallic slipped again under a downward sloping resistance line from June 11 to justify the pullback from 50-DMA and market heavy fall.

The metallic’s weak spot pulls the Momentum line from a three-month excessive and provides to the bearish indicators.

That stated, the commodity costs drop in direction of a convergence of 20-DMA and an ascending pattern line from August 09, close to $23.85.

Nonetheless, the quote’s additional weak spot will make it weak to revisit the August 20 low close to $22.87 earlier than difficult the yearly trough surrounding $22.15.

In the meantime, the said resistance line from June and 50-DMA, respectively close to $24.50 and $24.80, guard silver’s short-term restoration strikes.

Following that, the XAG/USD merchants should cross a descending resistance line from July 06, round $25.10 to recall the bulls and direct them in direction of an August excessive of $26.00.

Silver: Each day chart

Pattern: Additional weak spot anticipated

 



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