- Silver Price struggles with the key upside hurdle at monthly high.
- Descending resistance line from early May challenges XAG/USD bulls amid nearly overbought RSI (14) line.
- Clear upside break of four-month-old horizontal resistance area, bullish MACD signals favor Silver buyers.
- 100-DMA, key Fibonacci retracement levels can prod XAG/USD pullback.
Silver Price (XAG/USD) remains sidelined near $24.70–75 during early Wednesday as bulls jostle with the key upside hurdle ahead of the US data.
It’s worth noting that the nearly overbought RSI joins a 16-week-old falling resistance line surrounding $24.80 to challenge the XAG/USD buyers.
However, the bullish MACD signals a daily closing beyond the four-month-long horizontal resistance zone, now immediate support around $24.50–40, which will test the Silver sellers.
Following that, the 100-DMA support of around $23.95 will precede the 50% and 61.8% Fibonacci retracements of March–May upside, respectively near $23.00 and $22.30, to offer a bumpy ride to the XAG/USD bears.
Meanwhile, a daily closing beyond the aforementioned resistance line of around $24.80 needs support from the US ADP Employment Change, the final readings of the US second
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