Silver (XAG/USD) reverses a modest Asian session dip to levels below the $50. 00 psychological mark and looks to build on the previous day’s bounce from an over one-week low. The white metal currently trades around the $50. 80 region, nearly unchanged for the day, and could climb further while above the 100-period Simple Moving Average (SMA) on the 4-hour chart. From a technical perspective, the overnight swing low, around the $49. 35 region, coincides with the 100-period SMA on the 4-hour chart and should act as a key pivotal point. That said, neutral oscillators on 4-hour/daily charts make it prudent to wait for a convincing break below the said support before positioning for an extension of the XAG/USD pair’s pullback from a nearly four-week high, touched last Thursday. The white metal might then weaken below the $49. 00 round figure and drop to the next relevant support near the mid-$48. 00s. The downward trajectory could extend further and make the XAG/USD vulnerable to test sub-$48. 00 levels. The subsequent decline would expose the $47. 15-$47. 10 intermediate support before the commodity eventually drops to the $46. 55-$46. 50 region en route to the $46. 00 mark. On the flip side, any further move up is likely to confront some resistance near the $51. 00 mark. Some follow-through buying beyond the $51. 15 horizontal barrier could allow the XAG/USD pair to climb further towards the $52. 00 round figure. The momentum could extend to the $52. 35 horizontal support breakpoint, which, if cleared, would be seen as a fresh trigger for bulls and pave the way for additional gains. Silver 4-hour chart.
https://bitcoinethereumnews.com/finance/xag-usd-rebounds-from-sub-50-00-levels/
