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Silver Price Analysis: XAG/USD Bears Need to Wait for Break Below 38.2% Fibo. Near $24.30

Tuesday, 26 March 2024 16:02 WIB Perak SILVER

Silver (XAG/USD) comes under some selling pressure on Tuesday and remains depressed near mid-$24.00s through the first half of the European session. Meanwhile, the technical setup seems tilted in favour of bearish traders and supports prospects for an extension of last week's sharp retracement slide from the $25.75-$25.80 region, or its highest level since early December. The XAG/USD now seems to have found acceptance below the $24.85-$24.80 horizontal support, which coincides with the 23.6% Fibonacci retracement level of the February-March rally. The subsequent slide, however, stalled near the $24.40 area, just ahead of the 38.2% Fibo. level, which should now act as a key pivotal point....

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