XAG / USD is showing the monthly support line below USD 24.00
- Silver remains offered for the third day in a row, updating the intraday low.
- The 12-day-old break in support has joined bearish MACD signals to favor sellers.
- The weekly falling trendline increases resistance.
Silver is taking around $ 23.95, down 0.37% on the day to re-hit the daily lows early Thursday. The bright metal thus extends the previous day’s downward break of the two-week-old support, now resistance, and at the same time prints a three-day south run.
Given the bearish MACD signals following the recent break of support, XAG / USD sellers are hoping to see a rising support line from Nov.
However, any further weakness beyond $ 23.60 will be challenged by the 200 SMA level near the round number of $ 23.00, a break from which silver sellers towards a Fibonacci retracement level of 61.8% will draw around $ 22.70 from September 29 through October 22.
Alternatively, a week-long resistance level at $ 24.15 will protect the price’s immediate uptrend from the previous support level at $ 24.25.
During the XAG / USD uptrend beyond $ 24.25, the monthly high of $ 24.85 and September high of $ 24.90 will be key levels to watch.
Silver: four-hour chart
Trend: further weakness expected