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Silver Rebounds with a Bear Cross, What’s Next?

September 14, 2021

Silver (XAG/USD) consolidated the bounce off a 12-day low while easing to $23.73 during a sluggish Asian session on Tuesday.

It refreshed multi-day low the previous day but failed to provide a decisive trading below 61.8% Fibonacci retracement of August 20 to September 03 upside.

However, a bearish crossover of the 50-EMA past 100-EMA joins a downward sloping RSI line, not oversold, to keep sellers hopeful.

The stated key Fibonacci retracement level near $23.60 is nearby support to watch before targeting the latest low, also the lowest since August 27 around $23.40-30.

With that said, the late-August swing lows close to $22.87 may offer an intermediate halt during the commodity’s fall below $23.30, targeting the yearly low, although, recovery moves need to cross a one-week-old falling resistance line, near $24.00, before challenging a convergence of the stated EMAs near $24.05.

Even if the XAG/USD bulls manage to cross $24.05, 23.6% Fibonacci retracement and early September lows, close to $24.40 and $24.65-70 in that order, will be the key to watch.

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