Title: Silver Price Analysis: XAG/USD clings to modest gains near $25.00, not out of the woods yet
Jul 21, 2021 12:11:00 PM GMT
Silver staged a goodish intraday jump from the $24.75 area, or the bottom stage because April thirteen touched in advance this Wednesday. The commodity hung on to its healing profits thru the mid-European session, albeit retreated a piece from every day tops and turned into ultimate visible buying and selling simply above the key $25.00 mental mark.
The XAG/USD this week showed a bearish spoil thru the $25.70-75 confluence guide – comprising of the very critical 200-day SMA and the 61.8% Fibonacci stage of the $23.78-$28.75 flow up. Some follow-thru weak spot beneath the preceding month-to-month swing lows, round mid-$25.00s, and the $25.00 mark introduced credence to the terrible outlook.
That said, the emergence of a few dip-shopping for simply beforehand of the $24.70-75 intermediate guide warrants a few warning for competitive bearish traders. Nevertheless, the XAG/USD nevertheless appears susceptible to amplify the downward trajectory closer to the $24.00 round-parent mark earlier than ultimately losing to undertaking YTD lows, round the $23.80-75region.
On the turn side, any significant healing strive may be visible as a promoting possibility and runs the hazard of tapering off instead fast close to the mentioned $25.70-65 confluence guide breakpoint. This is observed via way of means of the $26.00 round-parent mark, above which the healing should get prolonged closer to the following applicable barrier close to the $26.40-50 heavy deliver zone.