Silver Price Analysis: XAG/USD bears flirt with 50% Fibo./100-hour SMA confluence support By HareshMenghani Silver Commodities Technical Analysis XAGUSD
The technical set-up now favours bearish traders and supports prospects for further losses.extended its steady intraday descent through the first half of the European session and dropped to a fresh daily low, around the $21.85 area. The white metal has now eroded a major part of the overnight gains to over a two-week high and was last seen hovering near the 50% Fibonacci retracement level of the $23.24-$20.46 downfall.
Meanwhile, oscillators on the daily chart remained in the bearish territory and have just started gaining negative traction on hourly charts. The technical set-up now seems to favour bearish traders, though it will be prudent to wait for sustained weakness below the 50% Fibo. level before positioning for any further depreciating move.
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