Silver Price Analysis: XAG/USD off session highs, focus on daily close
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- Silver has pulled back from $29.86 to $29.
- The long upper wick attached to daily candle now shows uptrend exhaustion.
Silver is currently trading at $29 per ounce, having printed a 7.5-year high of $29.86 during the early Asian trading hours.
The daily candle now has a long upper wick. If prices suffer a deeper drop or remain unchanged till Friday’s close, a daily candle with a long upper shadow – a sign of uptrend exhaustion – will be confirmed.
That would validate overbought readings on the daily chart indicators like the relative strength index and slow stochastics and could yield a notable price pullback.
That said, the overall bias would remain bullish as long as prices are held above the former resistance-turned-support of $26.20 (July 28 high).
Daily chart
Trend: Teasing bull exhaustion
Technical levels
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