Technical Analysis: XAGUSD

XAGUSD hit a three-week low

On Monday, XAGUSD was prone to fluctuation and fell. At one point, it hit US$77.05 per ounce, the lowest level since 19^th February.

Silver ETF holdings declined

As of 16^th March, silver ETF holdings reached 15355.95 tons, decreasing by 104.23 tons from the previous trading day, according to the data from the world’s largest silver ETF——iShares Silver Trust.

The USDX was prone to fluctuation and fell

On Monday, the USDX was prone to fluctuation and declined, breaking below the 100 mark. It ended down 0.71% at 99.81.

The bearish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, XAGUSD was prone to fluctuation and fell. The bearish market trend prevailed. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that XAGUSD will fall further. Investors should focus on whether XAGUSD will break through the support at 72.0. It will dip with potential support at 64.0 if it breaks below 72.0.

4-hour chart

On the 4-hour chart, XAGUSD was prone to fluctuation and fell. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether XAGUSD will break through the resistance at 83.0. It will decline if it rebounds but is capped at 83.0.

Key resistance: 83.0,87.4

Key support: 72.0,64.0

Generally speaking, the bearish market trend prevailed in the short term. Investors could sell as XAGUSD rebounds during the day.