Silver / USD Technical Analysis And Outlook

Silver price bounced off the 38.2% Fibonacci level of March-August rally. The daily 100-SMA $21.925 is the major support to maintain Silver long-term bull.

Even if XAGUSD do go below the 100-SMA, there will be lots of buyer waiting at the Fibonacci 50% level $20.606. Ultimately the daily  200-SMA now at $19.164 will be the final defend line for Silver bull.

Upside momentum will start to build around $24.381, towards  the 50-SMA now at $25.972 level.

longer-term trend is still to the upside, but obviously with a lot of the questions when it comes to the global economy, the market is trying to figure out whether or not there is going to be enough demand due to the fact that silver is an industrial metal more than anything else.