Spot Silver Price Forecast: Silver remains on the defensive for the fourth successive day on Monday and drops to a one-week low during the early part of the European session, though manages to hold above the $24.10 round-figure mark.
- Silver edges lower for the fourth successive day and touches a one-week low on Monday.
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- The mixed oscillators on hourly/daily charts warrant caution before placing directional bets.
- A sustained move beyond the $25.00 mark will be seen as a fresh trigger for bullish traders.
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The downtick could be attributed to some technical selling after last week’s repeated failures to break through a descending trend line extending from over a one-year high, around the $26.10-$26.15 region touched in May. That said, mixed oscillators on hourly/daily charts warrant some caution before placing bearish bets around the Silver (XAG/USD) and positioning for any further decline.
Hence, any subsequent fall is more likely to find some support near the 200-period Simple Moving Average (SMA) on the 4-hour chart, currently pegged around the $23.80 region. Some follow-through selling, however, should pave the way for a fall towards the $23.60 region, which is closely followed by the 200-day SMA, near the $23.15 region. The latter should act as a pivotal point for the Silver (XAG/USD).
A convincing break below will be seen as a fresh trigger for bearish traders and expose the $22.90 round figure. The downward trajectory could get extended further and drag the Silver (XAG/USD) towards strong horizontal support near the $22.40—$22.20 region.
On the flip side, the $24.40 area now seems to act as an immediate hurdle ahead of the aforementioned descending trend-line resistance, currently around the $24.75 region. This is followed by the $25.00 psychological mark and July monthly swing high, around the $25.30 region. A sustained strength beyond should allow the Silver to make a fresh attempt to conquer the $26.00 mark.
