Silver Price Analysis: XAG/USD extends break of 100-SMA to refresh monthly low

Silver bounces off intraday low however holds decrease ground.
Nearly oversold RSI prerequisites advise corrective pullback however sustained spoil of 100-SMA, weekly resistance line returned bears.
Silver (XAG/USD) drops to the lowest on account that August 27, currently sidelined round $23.77 for the duration of early Monday.

In doing so, the brilliant steel justifies the draw back damage of 100-SMA and a one-week-old falling style line. However, almost oversold RSI challenges the sellers.

Hence, silver stays bearish except crossing the 100-SMA degree of $24.00, as nicely as the mentioned resistance line close to $24.15.

In a case the place the XAG/USD customers move $24.15, the month-to-month excessive of $24.86 will be on the radar earlier than the %25.00 threshold.

Meanwhile, 61.8% Fibonacci retracement degree of August 20 to September three upside close to $23.60 affords on the spot support.

Should silver bears maintain reins previous $23.60, a horizontal place from August 20, close to $23.35-30 will preclude the quote’s south-run earlier than August 20 low of $22.87 and the each year backside surrounding $21.15.

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