Silver Price Analysis: Silver price in steep sell-off after touching top of four-year range

Source Fxstreet
  • Silver price is declining after touching the top of a four-year consolidation range at roughly $30.00. 
  • XAG/USD has fallen to $27.00 and could decline further with support not materializing till $26.00. 

Silver (XAG/USD) price has continued to sell-off after being rejected by the top of a long-term range at just below $30.00 (green line) on April 12.

The precious metal is now in the midst of a steep decline and will probably continue lower till support materializes from the top of a smaller year-long range at $26.00.

Silver Daily Chart

The Moving Average Convergence/Divergence (MACD) momentum indicator has crossed below its signal line, indicating Silver has probably reversed its medium-term trend and is set to move even lower. The signal is improved by the fact that MACD is a more reliable indicator in markets that are not strongly trending such as that of Silver. 

Silver price will probably fall to support from the former range highs at $26.00. At that level it could base and recover. A decisive break below $26.00 would return Silver to inside its year-long range and possibly the lower trendline at roughly $23.00. 

Only a decisive break above the 2021 high of $30.07, however, would reverse the bearish picture and suggest Silver was going higher. Such a move would also signal a breakout from the whole four-year consolidation with an initial target at $32.40 where former resistance lies. 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining tractionGold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.
Author  FXStreet
12 hours ago
Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.
placeholder
Bitcoin Cash Surges 30% in Single Day as Catch-Up Rally Explodes, Far Outpacing BTCBitcoin Cash launches catch-up rally, surging 30% in a single day and approaching the $350 mark.On September 23, Bitcoin Cash (BCH) experienced a surge, soaring 30% intraday, far exceedin
Author  TradingKey
13 hours ago
Bitcoin Cash launches catch-up rally, surging 30% in a single day and approaching the $350 mark.On September 23, Bitcoin Cash (BCH) experienced a surge, soaring 30% intraday, far exceedin
placeholder
Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anywayMicron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.
Author  Irene Q.
15 hours ago
Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.
placeholder
October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changedRate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Author  Irene Q.
15 hours ago
Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
placeholder
US Special Envoy Witkoff says mediators completed round of US-Iran talksUnited States (US) Special Envoy to the Middle East, Steve Witkoff, said the US held "lengthy" indirect talks with the Iranian delegation via mediators on the sidelines of the United Nations General Assembly (UNGA), Reuters reported on Tuesday.
Author  FXStreet
20 hours ago
United States (US) Special Envoy to the Middle East, Steve Witkoff, said the US held "lengthy" indirect talks with the Iranian delegation via mediators on the sidelines of the United Nations General Assembly (UNGA), Reuters reported on Tuesday.
Related Instrument
goTop
quote