The post XAG/USD slides further below $28.00, lowest since May 9 appeared on BitcoinEthereumNews.com.

Silver drifts lower for the second straight day and plummets to a two-and-half-month low. The technical setup favors bearish traders and supports prospects for a further downfall.  Any attempted recovery move is likely to attract fresh sellers near the $28.55-$28.60 area. Silver (XAG/USD) remains under heavy selling pressure for the second straight day on Thursday and dives to its lowest level since May 9, around the $27.80 region during the Asian session.  From a technical perspective, a sustained breakdown through the $28.65-$28.55 horizontal support, which coincides with the 100-day Simple Moving Average (SMA), could be seen as a fresh trigger for bearish traders. Moreover, oscillators on the daily chart have been gaining negative traction and suggest that the path of least resistance for the XAG/USD is to the downside.  Hence, a further decline towards testing the next relevant support, around the $27.40-$27.30 horizontal resistance breakpoint, en route to the $27.00 mark, looks like a distinct possibility. The downward trajectory could extend further toward the $26.60-$26.55 intermediate support before the XAG/USD eventually drops to the 200-day SMA, currently pegged near the $26.00 mark. On the flip side, any meaningful recovery attempt now seems to confront stiff resistance around the $28.55-$28.65 region. The said barrier should act as a key pivotal point, which if cleared decisively might trigger a short-covering rally. The XAG/USD might then climb beyond the $29.00 round figure, towards the $29.40-$29.45 area, or the weekly top, en route to the $29.80 region.  This latter is closely followed by the $30.00 psychological mark, above which the XAG/USD could accelerate the positive move towards the $30.35-$30.40 short-term trading range support breakpoint. The subsequent move up should pave the way for a move towards reclaiming the $31.00 round-figure mark. Silver daily chart Silver FAQs Silver is a precious metal highly traded among investors.…

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Filed under: News - @ July 25, 2024 5:24 am