Silver price analysis: XAG/USD might challenge the $18.00 support
Silver continues its overnight drop back into the $19.00 neighborhood. The technical configuration promotes the possibility of more losses and is in the bears’ favor. To counteract the bearish bias, there must be a prolonged advance above the $19.00 level.
On Wednesday, further selling pressure is applied to silver, which causes it to prolong the day before a slight decline from around the $19.00 level. Throughout the first part of the European session, Silver remained on the back foot; it is now dangerously close to the daily low, somewhere in the mid-$18.00 range.
Technically speaking, the current recovery from a low reached last Friday, which was almost three weeks ago, risks rejection close to the 100-hour EMA. The oscillators on the 1-hour chart are again beginning to acquire negative traction, while oscillators on the daily chart remain in the bearish region. This strengthens the likelihood that the intraday depreciating trend will continue.
Comments
Post a Comment