SILVER - USD - in a Correction After Fall - 03/20/2017 (GMT)
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SILVER - USD Chart
The silver metal plunged more than 4.6% this month following the rebound on the $18.50 resistance level which coincides with the descending trend line. The XAG/USD pair is developing within a downtrend move since July of 2016 and over last week the price hit again the diagonal resistance level and slipped lower.
Currently, the metal is trying to earn back some of its losses and is approaching the 23.6% Fibonacci retracement level of the last upward movement with low at $15.65 and high at $18.50, which is near the $17.80 and the 200-daily SMA. Moreover, if the price climbs above the latter obstacles, it will be exposed towards $18.50. MACD oscillator created a bullish crossover with its trigger line whilst the RSI indicator is approaching the 50 level and the positive territory.
Currently, the metal is trying to earn back some of its losses and is approaching the 23.6% Fibonacci retracement level of the last upward movement with low at $15.65 and high at $18.50, which is near the $17.80 and the 200-daily SMA. Moreover, if the price climbs above the latter obstacles, it will be exposed towards $18.50. MACD oscillator created a bullish crossover with its trigger line whilst the RSI indicator is approaching the 50 level and the positive territory.
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