- Silver Price stays depressed after reversing from three-week high.
- Overbought RSI, impending bear cross on MACD lures XAG/USD sellers.
- 200-SMA, fears of Fed policy pivot put a floor under the Silver Price.
- XAG/USD rebound remains elusive below five-week-old descending resistance line.
Silver Price (XAG/USD) remains pressured around $24.15 amid the early hours of Friday’s Asian session after reversing from a three-week high the previous day. In doing so, the bright metal portrays the market’s cautious mood ahead of today’s top-tier central bankers’ speeches at the Jackson Hole Symposium, including Federal Reserve (Fed) Chairman Jerome Powell.
That said, the XAG/USD justified the overbought RSI (14) line and a looming bear cross on the MACD while reversing from a multi-day high on Thursday. However, the 38.2% Fibonacci retracement level of the commodity’s late June-July upside, near the $24.00 round figure, prods the sellers amid anxious markets.
Even if the quote breaks the immediate Fibonacci ratio, the 200-SMA level of around $23.80 can act as the final defense of the buyers.
Following that, a quick slump toward the 61.8% Fibonacci retracement surrounding $23.30, also known as the “Golden Ratio”, can’t be ruled out.
Meanwhile, the latest peak of around $24.35 can lure Silver buyers during the fresh recovery.
Even so, the 23.6% Fibonacci retracement and a downward-sloping resistance line from late July, respectively near $24.55 and $24.65, will challenge the XAG/USD bulls before giving them control
免責事項：本記事で述べられている見解は著者の見解のみであり、Followmeの公式見解を反映するものではありません。Followmeは、提供された情報の正確性、完全性、信頼性について一切責任を負いません。また、書面で明示的に記載されている場合を除き、本記事の内容に基づいて行われたいかなる行動についても責任を負いません。
