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

Source Fxstreet
Apr 23, 2024 13:31
  • 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.
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Silver Price Analysis: XAG/USD trims losses, remains bullish and clings above $30.00Silver prices trimmed some of Thursday’s losses yet remain near the weekly lows of $30.00; exchange hands at $30.30 are up 0.59% at the time of writing.
Source  Fxstreet
Silver prices trimmed some of Thursday’s losses yet remain near the weekly lows of $30.00; exchange hands at $30.30 are up 0.59% at the time of writing.
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Source  Fxstreet
Gold prices fell in India on Thursday, according to data from India's Multi Commodity Exchange (MCX).
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India Gold price today: Gold falls, according to MCX dataGold prices fell in India on Friday, according to data from India's Multi Commodity Exchange (MCX).
Source  Fxstreet
Gold prices fell in India on Friday, according to data from India's Multi Commodity Exchange (MCX).
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