Silver Bounces Off Three-Week Low Amid Bearish Bias
The price of Silver (XAG/USD) has bounced off its three-week low near $63.00, staging a modest intraday recovery.
This recent bounce occurred after the white metal broke below its 200-period Simple Moving Average (SMA) on the 4-hour chart around $64.71 and fell to a three-week low earlier this Friday.
The price of Silver has been under pressure, with a bearish near-term tone maintained due to its decline below the SMA and subsequent fall, which stalled near the 38.2% Fibonacci retracement level of the July-August upswing at $63.00.
Although the Relative Strength Index (RSI) is at 37.46 and the Moving Average Convergence Divergence (MACD) reading is -0.38 on H4, hinting that downside momentum remains dominant, this has led to some traders viewing any subsequent move up as a selling opportunity.
The initial resistance for Silver appears at $64.71, followed by $64.91 and then $67.27. On the other hand, immediate support is located at $62.99, ahead of the deeper $61.08 level.