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Silver Price Analysis: XAG/USD bears ignore Tuesday’s spinning top to target $24.00

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  • Silver refreshes intraday low while defying the previous day’s pullback from $23.83.
  • Bearish MACD overrules candlestick formation suggesting that the sellers are tiring.
  • Lows marked in July 30, 100-day SMA can offer nearby support, 50-day EMA and 61.8% Fibonacci retracement restrict immediate upside.

Silver prices drop to $24.28, intraday low of $24.23, while flashing a 0.40% intraday loss during Wednesday’s Asian session. The white metal’s bounce off $23.83, amid the late-US session on Tuesday, printed spinning top candlestick on the daily chart. Though, the bearish MACD keeps the sellers hopeful.

As a result, $24.00 and the monthly low near $23.70 appear on the traders’ radars as immediate support ahead of August month’s trough surrounding $23.40.

During the quote’s additional weakness past-$23.40, July 30 bottom and 100-day EMA, respectively around $22.90 and $22.80, hold the key to July month’s low of $22.31.

Alternatively, silver buyers’ return needs to conquer the $25.10/20 resistance confluence, comprising 50-day EMA and 61.8% Fibonacci retracement of late-July upside, to aim for September 08 low near $25.85.

In a case where the bullion stays strong beyond $25.85, the September 16 peak close to $27.65 and the monthly high of $28.90 will be the key to watch.

Silver daily chart

Silver Price Analysis: XAG/USD bears ignore Tuesday’s spinning top to target $24.00

Trend: Bearish

Additional important levels

Overview
Today last price 24.3
Today Daily Change -0.08
Today Daily Change % -0.33%
Today daily open 24.38
Trends
Daily SMA20 26.88
Daily SMA50 25.67
Daily SMA100 21.56
Daily SMA200 19.04
Levels
Previous Daily High 25.24
Previous Daily Low 23.83
Previous Weekly High 27.63
Previous Weekly Low 26.3
Previous Monthly High 29.86
Previous Monthly Low 23.44
Daily Fibonacci 38.2% 24.37
Daily Fibonacci 61.8% 24.7
Daily Pivot Point S1 23.73
Daily Pivot Point S2 23.08
Daily Pivot Point S3 22.32
Daily Pivot Point R1 25.14
Daily Pivot Point R2 25.89
Daily Pivot Point R3 26.54

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If the price below $22.90 would warn of a deeper corrective setback with support next at $20.75, then $19.65
Silver is set to experience a further consolidation period, with the 38.2% retracement of its 2020 rally at $22.90 ideally holding.

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