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IMF to Cut World Growth Forecast, Sees Recession Risks Spreading

Silver Price Analysis: XAG/USD bears attack monthly support below $25.00

WikiFX

| 2022-03-23

Abstract：61.8% Fibonacci retracement level acts as the key support, bulls remain away below the previous support line from February.

Silver prices remain pressured around one-week low, down for the second consecutive day.

RSI conditions, failure to cross 100-SMA hints at further downside but 200-SMA challenges the bears.

Silver (XAG/USD) prices stay on the back foot around $24.75 during Wednesdays Asian session, following the biggest daily fall in a week.

That said, the bright metal‘s failure to cross the 100-SMA triggered the previous day’s heavy losses. The sellers were also backed by downbeat RSI conditions, not oversold.

However, an upward sloping trend line from February 25 challenges the quotes latest declines around $24.68.

Even if the bullion prices drop below $24.68, the 200-SMA and 61.8% Fibonacci retracement of February-March downside, respectively around $24.55 and $23.90, will challenge the XAG/USD bears.

Alternatively, recovery moves may initially aim for the 100-SMA breakout, around $25.35 by the press time, before challenging the support-turned-resistance from early February near $26.00.

It should be noted, however, that the silver buyers ability to keep reins past $26.00 will allow them to refresh the monthly high, currently around $26.95.

Silver: Four-hour chart

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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