- Silver prices remain lackluster above 20-DMA, holding the downside break of the 15-day-old support line.
- The eyes of 50-DMA cross the 200-DMA from above, suggesting further decline amidst a stable RSI.
- The bullish MACD is probing the sellers, $21.70 limits the immediate downside.
Silver (XAG/USD) is advancing past 20-DMA, holding the early-week break of key short-term support line in Friday’s Asian session. That said, the shiny metal is hovering around $22.00 as bulls and bears jostle amid mixed signals.
Like the eyes of 50-DMA to break through the 200-DMA from above, known as the bear cross, backed by the metal’s recent failures to stay beyond 20-DMA, not to mention the break at Wednesday’s drop from the two-week-old support line, silver sellers remain hopeful.
However, a new weekly low, currently around $21.65, becomes necessary for the shiny metal to confirm the bearish signals.
Thereafter, a downward trajectory towards the monthly low near $20.45, with $21.00 acting as an intermediate stop, cannot be ruled out.
Meanwhile, the XAG/USD upside remains unconvincing below the previous support line near $22.50.
If commodity prices recover above $22.50, the likelihood of the metal rallying towards the convergence of 50-DMA and 200-DMA near $23.55 cannot be ruled out.
Silver: daily chart
Trend: continuation of the expected fall
