SILVER PRICE ANALYSIS: XAG/USD SEEMS VULNERABLE TO SLIDE FURTHER WHILE BELOW 100-DAY SMA

avatar
· Views 163


  • Silver attracts some buyers and moves away from over a two-month low set on Thursday.
  • The technical setup supports prospects for the emergence of fresh selling at higher levels. 
  • Strength beyond the 100-day SMA support breakpoint is needed to negate the negative bias.

Silver (XAG/USD) edges higher during the Asian session on Friday and for now, seems to have snapped a two-day losing streak to its lowest level since May 9, around the $27.45 region touched the previous day. The white metal, however, struggles to build on the strength beyond the $28.00 mark and remains on track to register losses for the third successive week. 

From a technical perspective, the overnight breakdown through the June swing low, around the $28.60-$28.55 region, which coincided with the 100-day Simple Moving Average (SMA), was seen as a fresh trigger for bearish traders. Moreover, oscillators on the daily chart have been gaining negative traction and are still away from being in the oversold territory, suggesting that the path of least resistance for the XAG/USD is to the downside.


면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.

이 글이 마음에 드시나요? 작성자에게 팁을 보내 감사의 마음을 전하세요.
댓글 0

  • tradingContest