Silver could be heading lower after breaking the channel on the daily chart


  • Silver is trading over half a percent higher on the session on Tuesday but recently turned lower.
  • The price has broken through USD 17.50 per troy ounce again to the downside in recent trade.

Silver daily chart

Although silver is trading higher on Tuesday the price broke below an important channel on Monday. The price then quickly moved back up after hitting USD 17 per troy ounce support and 200 Simple Moving Average. 

If the price is to move lower from here then it would need to break the 200 and 55 moving averages to get to the green support level at USD 16.53 per troy ounce. The price also looks like it is forming a topping pattern with the waves making a lower high lower low pattern. 

The Relative Strength Index indicator has moved away from the overbought zone and looks to be headed toward the 50 mid-line. The MACD histogram has also turned red but the signal lines are still above the mid-point. However, they have had a bearish cross and are pointing lower which adds to the bearish theory. 

Silver Technical Analysis

Additional levels

XAG/USD

Overview
Today last price 17.48
Today Daily Change 0.09
Today Daily Change % 0.52
Today daily open 17.39
 
Trends
Daily SMA20 17.55
Daily SMA50 16.23
Daily SMA100 16.29
Daily SMA200 16.92
 
Levels
Previous Daily High 17.56
Previous Daily Low 16.95
Previous Weekly High 18.19
Previous Weekly Low 17.32
Previous Monthly High 17.91
Previous Monthly Low 14.72
Daily Fibonacci 38.2% 17.18
Daily Fibonacci 61.8% 17.33
Daily Pivot Point S1 17.04
Daily Pivot Point S2 16.7
Daily Pivot Point S3 16.44
Daily Pivot Point R1 17.65
Daily Pivot Point R2 17.9
Daily Pivot Point R3 18.25

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.

EUR/USD News

GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.

GBP/USD News

XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures