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- Silver is fading from the monthly low, has been left out lately.
- Bear’s Cross, failure to maintain rebound from key Fibonacci retracement levels, favored sellers.
- A weekly falling trend line complements the upward filter.
Silver (XAG / USD) consolidates rebound from a 12-day low as it falls to $ 23.73 during a sluggish Asian session on Tuesday.
The bright metal refreshed the previous day’s multi-day lows but failed to deliver a crucial trade below the 61.8% Fibonacci retracement from August 20th to September 3rd.
That is, a bearish crossover of the 50 EMA above the 100 EMA joins a downward sloping RSI line that is not oversold to keep silver sellers hopeful.
Therefore, the stated major Fibonacci retracement level near $ 23.60 is an obvious support to watch before targeting the latest low, also the lowest since August 27 at $ 23.40-30.
It should be noted that the late August swing lows near $ 22.87 could represent a stop during the commodity’s decline below $ 23.30 targeting the yearly low at $ 22.15.
On the contrary, recovery moves must cross a week-old falling resistance line near $ 24.00 before any convergence of the stated EMAs near $ 24.05 can be questioned.
Even if the XAG / USD bulls manage to cross $ 24.05, 23.6% Fibonacci retracement and early September lows near $ 24.40 and $ 24.65-70, in that order, will be keys to watch .
Silver: four-hour chart
Trend: further weakness expected
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