Silver Price Analysis: XAG/USD drops below $24.00 inside short-term symmetrical triangle NEWS | 25 minutes ago | By Anil Panchal

  • Silver trims Thursday’s recovery moves from $23.39, losses half a percent intraday.
  • 200-HMA can offer immediate support ahead of the triangle’s lower line.
  • Key Fibonacci retracements add to the upside barriers.

Silver declines to $23.69, down 0.46% on a day, during the early Asian trading on Friday. Considering the metal’s pullback from $24.16, a weekly symmetrical triangle pops-up on the hourly chart.

With the descending RSI line and the quote’s decline below 38.2% Fibonacci retracement of September 18-24 downside, silver prices are likely to continue its recent weakness.

In doing so, a 200-HMA level of $23.50 can offer nearby rest to the commodity before highlighting the aforementioned triangle’s lower line, at $23.39 now.

Also, multiple highs marked during September 24-25, around $23.35/30, are expected to restrict the metal’s short-term downside.

Meanwhile, the $24.00 round-figure can probe the silver buyers ahead of the triangle’s resistance close to $24.15.

During the quote’s sustained run-up beyond $24.15, 50% and 61.8% Fibonacci retracement levels, $24.45 and $25.10 respectively, can challenge the optimists.

Source from https://www.fxstreet.com/news/silver-price-analysis-xag-usd-drops-below-2400-inside-short-term-symmetrical-triangle-202010020104

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