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Analysis of the Silver Price: XAG/USD is grinding within a crucial Fibonacci retracement envelope

Daniel Rogers

Feb 09, 2023 15:00

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Early Thursday in Asia, the silver price (XAG/USD) retreated to $22.30, erasing the previous day's rebound gains. Nonetheless, the precious metal protects the weekly trading range inside the critical Fibonacci retracement levels of the quote's upward movement from late November 2022 to early February 2023.

 

Even if the $0.50 range has limited recent Silver price movement, RSI circumstances and the 21-bar Exponential Moving Average (EMA), which was around $22.50 at the time of publication, make it difficult for buyers to gain control.

 

In the event that XAG/USD breaches the weekly trading range between $22.10 and $22.60, denoted by the 61.8% and 50% Fibonacci retracement lines, the metal price might target $23.00.

 

After that, various obstacles near $23.10 to $15 could test the price's upward momentum before directing it to the $24.50 barrier. The monthly high of $24.63 also functions as an upward filter.

 

To persuade the Silver bears, a clear breach of the $22.10 range support must be supported by the $22.00 round number.

 

In that event, the November 24 peak around $21.70 and the November 29 swing low at $20.90 could serve as intermediate halts prior to emphasizing the $20.00 psychological magnet for XAG/USD sellers.

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