Silver Price Analysis (XAG/USD) consolidates biggest daily loss in a month below $26.00
Following that, June’s low near $25.50, also the lowest since mid-April, will be the key as a downside break of which won’t hesitate to challenge the April 13 low near $24.65.
Meanwhile, further recovery of silver prices depends upon the breakout of the 200-DMA level of $25.86, which in turn could push the quote to a 50% Fibonacci retracement level of $26.25.
However, the commodity’s advances past $26.25 will be tested by a downward sloping trend line from July 06, near $26.35, as well as the monthly high near $26.75.
To sum, silver remains on the bear’s radar despite the latest bounce BUT it is approaching major support levels and it's on our radar to start Buying again this week.
the FXPROFESSOR
Following that, June’s low near $25.50, also the lowest since mid-April, will be the key as a downside break of which won’t hesitate to challenge the April 13 low near $24.65.
Meanwhile, further recovery of silver prices depends upon the breakout of the 200-DMA level of $25.86, which in turn could push the quote to a 50% Fibonacci retracement level of $26.25.
However, the commodity’s advances past $26.25 will be tested by a downward sloping trend line from July 06, near $26.35, as well as the monthly high near $26.75.
To sum, silver remains on the bear’s radar despite the latest bounce BUT it is approaching major support levels and it's on our radar to start Buying again this week.
the FXPROFESSOR
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📉➡️📈 The best of human levels the market follows, drawn by hand — meets the best of AI:
🌐 FXProfessor.com 🤖 MatrixON.trade 🚀💎
🌐 FXProfessor.com 🤖 MatrixON.trade 🚀💎
Verbundene Veröffentlichungen
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.