SILVER - USD
SILVER - USD
- USD (-)
- Real time data - Gold & Silver Spot
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Type: Commodities
Ticker: XAGUSD
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SILVER - USD - XAG/USD Dropped Aggressively This Month Creating a Correction Mode - 09/25/2017 (GMT)

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The white metal plunged more than 3% in September, after the strong pullback on the $18.20 resistance barrier, four-month high. Silver is creating a correction movement and is developing near the 100-day SMA, as well as near the $16.85 support level. Our expectation is a further decline to 38.2% Fibonacci retracement level (low at $14.30 and high at $18.20) at $16.71, at least.

On the other hand, in case of a bullish movement, the XAG/USD pair will touch the 50-day SMA, near $17.18. It is worth to mention that the price sank below the 50 and 200 week SMAs, while it struggled near the 100-week SMA. On the daily timeframe, the RSI indicator fell into the bearish zone and the MACD oscillator dropped below the zero and trigger lines with stronger momentum than before.
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