Silver (XAG/USD): will we see further weakness?
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Silver has been trading around the 200 SMA, where the bears could take advantage of the broad-based weakness seen during the last few weeks. However, XAG/USD is targeting the Fibonacci area of 50% at 16.69, at which we can expect further pullbacks in order to resume the overall bearish bias. If that happens, then the focus will switch towards the 15.73 level, where is located the Fibonacci zone of -23.6%.
RSI indicator stays in the positive territory, calling for another leg higher.
