Friday, October 22, 2021


XAG/USD defends $24.00 on combined technical indicators

Silver retains late Thursday’s rebound, picks up bids of late. Spinning high candlestick under 200-day EMA problem upside strikes. Earlier…

By Staff , in Silver , at October 22, 2021


  • Silver retains late Thursday’s rebound, picks up bids of late.
  • Spinning high candlestick under 200-day EMA problem upside strikes.
  • Earlier resistance line, firmer RSI preserve patrons hopeful.

Silver (XAG/USD) picks up bids to $24.20, up 0.10% intraday amid Friday’s Asian session.

The intense steel jumped to the best ranges since September 07 the day past earlier than snapping a two-day uptrend, which in flip portrayed a bearish spinning high candlestick on the day by day chart. Additionally protecting the sellers hopeful is the commodity’s pullback under the 200-day EMA.

Nonetheless, the resistance-turned-support from July 06, round $23.95 by the press time, joins the firmer RSI line to problem the quote’s additional weak point.

Additionally appearing as a draw back filter is one other pattern line assist from early July, close to $23.30. It’s value observing {that a} month-to-month ascending pattern line at $23.15 provides to the helps and problem the XAG/USD bears.

Quite the opposite, an upside break of a 200-day EMA degree of $24.54 wants validation from September’s excessive of $24.86 earlier than focusing on the August month’s peak of $26.00.

Total, silver costs grind larger however want a powerful push to the north.

Silver: Day by day chart

Pattern: Additional upside anticipated

 



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