XAG/USD seems vulnerable below $32.00; 100-day SMA holds the key
The post XAG/USD seems vulnerable below $32.00; 100-day SMA holds the key appeared on BitcoinEthereumNews.com.
Silver remains below $32.00 on Thursday and close to a two-week low touched on Tuesday. The technical setup seems tilted in favor of bears and supports prospects for further losses. A sustained break below the 100-day SMA support is needed to reaffirm the negative bias. Silver (XAG/USD) struggles to capitalize on the previous day’s modest gains and oscillates in a narrow trading band, below the $32.00 round-figure mark during the Asian session on Thursday. The white metal, meanwhile, holds above the 100-day Simple Moving Average (SMA) pivotal support, currently pegged near the $31.30-$31.25 zone, or a two-week low touched on Tuesday. From a technical perspective, the recent repeated failures to find acceptance above the $33.00 mark and the subsequent downfall favor bearish traders. Moreover, oscillators on the daily chart have just started gaining negative traction and support prospects for an extension of a one-week-old downtrend. The XAG/USD might then weaken further below the $31.00 round-figure mark, towards testing the next relevant support near the $30.25 region. The downward trajectory could extend further towards the $30.00 psychological mark. A convincing break below the latter will suggest that the XAG/USD has topped out in the near term and pave the way for a further depreciating move towards the $29.55-$29.50 horizontal zone en route to the $29.00 round figure and December 2024 swing low, around the $28.80-$28.75 area. On the flip side, any positive move beyond the $32.00 mark is likely to confront some resistance near the $32.40-$32.45 region. Some follow-through buying should allow the XAG/USD to make a fresh attempt toward conquering the $33.00 round figure. A sustained strength beyond the latter could lift the commodity towards the monthly swing high, around the $33.40 area touched on February 14, and aim towards reclaiming the $34.00 mark. Silver FAQs Silver is a precious…
Filed under: News - @ February 27, 2025 3:26 am