Silver retreats from a high of $27.43 while interacting with key Fibonacci retracement levels. XAG/USD consolidates within the $27.05 to $27.70 Fibonacci range. A break above $27.70 could open the path to higher resistances at $28.00 and possibly extend towards the $29.00 mark and the annual high at $29.76. Should it fall below $27.05, Silver might target further supports at $26.41 and the crucial $25.50 level. Silver 's price edged down late during Monday’s North American session.
Once cleared, the next resistance would be the 23.6% Fib retracement at $28.48, followed by the $29.00 mark. The next supply area would be the year-to-date high at $29.76. On the flip side, bears could find some relief if XAG/USD slides below the 50% Fib retracement at $27.05, followed by the 61.8% retracement at $26.41. A subsequent dip is seen below that level, exposing the confluence of the 50-day moving average and the 78.6% Fib retracement at $25.50.
XAGUSD Metals Technical Analysis Silver
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