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Silver’s (XAG/USD) Recovery Remains Out of Reach

September 29, 2021

Talking Points:

  • XAG/USD consolidates the worst daily losses in a week within a short-term symmetrical triangle pattern.
  • The convergence of 100-day and 200-day Simple Moving Average (SMA) protects the immediate upside ahead of a one-week-old resistance line.
  • During a fresh pullback, the year’s low will entice the bears.

During the early trading session today, XAG/USD pair struggled to extend its rebound, trading at 22.50 USD, up 0.10 % intraday.

Yesterday the precious metal fell by the most in a week, but it couldn’t overcome the weekly symmetrical triangle. The corrective pullback fights with the convergence of the 100-day and 200-day.

Even if prices surpass the immediate barrier of around 22.50 USD, bulls will remain cautious until the price falls below the stated triangle’s upper line, which is around 22.70 USD.

Following that, the focus will shift to a horizontal area formed on the 17th of September around 23.15 USD.

On the flip side, a pullback move will need to break through the triangle pattern with a prolonged downward break of the support line around 22.15 USD in order to challenge the yearly low of 22.00 USD.

In this scenario, the 20.00 USD psychological level will be on the bear’s radar if they remain in control past 22.00 USD.

Silver: Hourly Chart:

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