Silver witnessed some selling on Monday and extended its slide from the $25.25-30 supply zone. The bias favours bearish traders and supports prospects for a decline to retest the $24.00 mark. Silver remained under some selling pressure through the mid-European session and was last seen hovering near two-day lows, around the $24.75-80 region. The mentioned area coincides with the very important 200-day SMA, which if broken decisively should pave the way for additional losses. Given that last week’s rebound from over two-month lows lost steam near the $25.25-30 supply zone, the bias remains titled firmly in favour of bearish traders. The outlook is reinforced by the fact that bearish technical indicators on hourly/daily charts are holding above the oversold territory. The set-up supports prospects for a further near-term depreciating and an extension of the recent sharp pullback from the key $30.00 psychological mark. Hence, a subsequent slide below the $24.40 region, towards challenging YTD lows near the $24.00 mark, remains a distinct possibility. Some follow-through selling should pave the way for a fall towards the next relevant support near the $23.60-55 area en-route the $23.00 mark. The downward trajectory could further get extended and drag the XAG/USD towards November 2020 daily closing lows, around the $22.60 level. On the flip side, any attempted recovery back above the $25.00 mark is likely to meet with some fresh supply near the $25.25-30 region. A sustained move beyond might trigger a short-covering move and lift the XAG/USD beyond the $25.80 intermediate resistance, back towards the $26.00 round-figure mark. This is followed by resistance near the $26.30-40 region, which if cleared decisively will negate any near-term negative bias. The XAG/USD might then aim back to reclaim the $27.00 mark before eventually darting towards the $27.35-40 resistance zone ahead of the $27.80-90 barrier. XAG/USD 4-hourly chart Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next BoE’s Vlieghe: Bank rate shouldn’t be linked to short-term growth in economy FX Street 8 months Silver witnessed some selling on Monday and extended its slide from the $25.25-30 supply zone. The bias favours bearish traders and supports prospects for a decline to retest the $24.00 mark. Silver remained under some selling pressure through the mid-European session and was last seen hovering near two-day lows, around the $24.75-80 region. The mentioned area coincides with the very important 200-day SMA, which if broken decisively should pave the way for additional losses. Given that last week's rebound from over two-month lows lost steam near the $25.25-30 supply zone, the bias remains titled firmly in favour of bearish traders.… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
