Silver Price Analysis: XAG/USD bulls have the upper hand above $21.65-70 confluence Silver Commodities Technical Analysis XAGUSD
From a technical perspective, the two-way price moves in a familiar range witnessed over the past few sessions constitute the formation of a rectangle. Against the backdrop of the recent strong recovery from sub-$20.00 levels, or a four-month low touched last week, this might still be categorized as a bullish consolidation phase. Furthermore, acceptance above the $21.65-$21.
The latter coincides with the 23.6% Fibo. level, which if broken decisively will shift the near-term bias back in favour of bearish traders. The XAG/USD might then turn vulnerable to accelerate the slide towards the $20.55-$20.50 intermediate support en route to the $20.00 psychological mark. The downward trajectory could get extended further and drag spot prices to the next relevant support near the $19.60 region. The white metal could eventually drop to the $19.
On the flip side, momentum back above the $22.00 round figure might confront stiff resistance near the $22.25-$22.35 region, marking the 50% Fibo. level and the overnight swing high. The subsequent move up could push the XAG/USD beyond the $22.55-$22.60 supply zone, towards testing the 61.8% Fibo. level, just ahead of the $23.00 mark.
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