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Silver Price Analysis: XAG/USD bounces off 21-DMA to snap three-day downtrend.
Abstract：Silver (XAG/USD) prices keep the U-turn from 21-DMA while teasing $25.00 during Wednesdays Asian session. In doing so, the bright metal recovers from a fortnight low, marked the previous day, to print the first positive day in four.
Silver consolidates recent losses near two-week low, hovers around intraday high of late.
Upbeat RSI, sustained U-turn from short-term key moving average favor buyers.
Previous support line from early February tests recovery moves, 200-DMA appears tough nut to crack for sellers.
Given the quotes successful bounce off the short-term DMA and the above-50 RSI line, XAG/USD may extend the latest rebound towards 50% Fibonacci retracement (Fibo.) of May-October 2021 downside, near $25.10.
However, the support-turned-resistance line from February 03, near $25.35 by the press time, will challenge the commodity bulls afterward.
Even if the silver buyers manage to cross the $25.35 hurdle, the 61.8% Fibo. will precede the monthly high, respectively around $25.95 and $26.95, to challenge the further upside.
Alternatively, a daily closing below the 21-DMA level of $24.90 will drag the XAG/USD prices to the 38.2% Fibonacci retracement level of $24.20.
Though, the 200-DMA, around $24.00 by the press time, will challenge the bullions additional declines.
Silver: Daily 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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