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Silver Price Analysis: XAG / USD drops to a four-month low as bears attack $20.00

Daniel Rogers

Mar 08, 2023 13:50

Silver price (XAG / USD) remains depressed at the lowest levels in four months as sellers prod the $20.00 psychological magnet to reinvigorate the multi-day low during Wednesday's Asian session.

 

This extends the previous day's break of a six-month-old ascending support line, as well as the 61.8% Fibonacci retracement level of the metal's advance from September 2022 to February 2023. The pessimistic MACD signals strengthen the downside bias.

 

It’s worth noting, however, that the RSI (14) is in the oversold territory and hence multiple supports around $19.80 and $19.60 could restrict short-term XAG/USD declines.

 

Following that, the 78.6% Fibonacci retracement level encircling the $19.00 round number could entice Silver Bears before directing them to the lows marked in October and September of last year, respectively, around $18.10 and $17.55.

 

The 61.8% Fibonacci retracement level, also known as the golden Fibonacci ratio, could limit short-term XAG / USD recovery at around $20.25 prior to the support-turned-resistance line from September 2022, which was near $20.60 at the time of publication.

 

In the event that the Silver price remains firmer than $20.60, the 200-day moving average and a one-month-old resistance line near $21.00 and $21.20 may act as the bears' last line of defense.


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