The XAGUSD on the 4-hour time frame has been following a downtrend recently. The price dipped below the key level of 17.00000 on 07 November to reach the lowest level of period under study at 16.96768. Bears are pushing the price lower as key technical indicators are supporting the bearish trend. The price action in the commodity is mainly driven by the recent economic news. As of writing, the price is hovering around 17.04784 with negative MACD and price below 200 period simple moving average.
The 4-hour chart of the silver confirms the negative sentiment in the price movement as the commodity is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the silver. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 18.32890. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour chart of the silver confirms the negative sentiment in the price movement as the commodity is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the silver. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 18.32890. Bulls must break this level in order to regain bullish sentiment in the market.