- XAG/USD longer-term trend, tilted towards the downside.
- Early in the session reached as high as $23.82, retreated the move.
Silver falls on Wednesday, trades at $23.50, down 0.57%. Earlier in the day, XAG/USD peaked at $23.82, however, as NY session opened the white metal retraced to $23.33
XAG/USD Daily chart
The moving averages remain above the current price, well above 25.50, with the shorter time-frame below the longer time frame MA’s. This suggests that the trend is down. The price is trapped between the 23.00-24.00 range. At the time of writing, price is at 23.51. The pair is trading slightly down, however, support at 23.29 keeps the white metal in a tight range of 31 cents.
If sellers would like the trend to continue, they will need to challenge 23.20/30 support, followed by 23.00, then 22.00/.20 at the August 9 low. On the other hand, buyers will need to recover yesterday’s close at 23.84, followed by 24.61, then 25.00.
RSI is 34.34 headed towards oversold levels, while the Average True Range (ATR) is 59 cents, trendless.
4-hour chart
This chart depicts that in the shorter time frame, Silver is developing strong support around the 23.30/50 price. The moving averages, continue above the spot prices, leaning towards the downside, with the 50-simple moving average approaching 23.61. The 100 and 200-SMA’s hoover around the 24.50/25.10 range, is resistance. In regards to price action, buyers will need a break above 23.74, followed by a challenge of 24.00, then the 100-SMA at 24.50. On the other hand, sellers need to challenge the 23.30 support, followed by 23.00 then the next low, coinciding with the August 8 low at 22.17.
