Silver Price Analysis: Bulls again fail to establish a foothold above $18

Silver loses its shine above $18 for the third straight day.
A minor pullback to a short-term SMA support looks likely.

Omkar Godbole FXStreet Contributor

Silver bulls are having a tough time keeping gains above the $18 mark this week.

The semi-precious metal faced rejection at $18.07 early Wednesday and was last seen trading near $17.87 per ounce, representing a 0.16% decline on the day. Similarly, the metal failed to close above $18 on Monday and Tuesday.

The repeated rejection above $18 is suggestive of temporary bullish exhaustion and suggests scope for a pullback to the 10-day simple moving average (SMA), currently located at $17.53. The bias would turn bearish if and when prices fall below the 200-day SMA line at $16.88

On the higher side, a close above $18 would confirm a bull flag breakout on the daily chart. Flag breakout often accelerates the preceding uptrend. In silver's case, it will likely fuel a price rise above $20.

Daily chart

Trend: Pullback likely

Technical levels

XAG/USD

Overview
Today last price	17.87
Today Daily Change	-0.04
Today Daily Change %	-0.16
Today daily open	17.91

Trends
Daily SMA20	17.66
Daily SMA50	16.51
Daily SMA100	16.28
Daily SMA200	16.91

Levels
Previous Daily High	18.02
Previous Daily Low	17.67
Previous Weekly High	17.8
Previous Weekly Low	16.95
Previous Monthly High	17.91
Previous Monthly Low	14.72
Daily Fibonacci 38.2%	17.88
Daily Fibonacci 61.8%	17.8
Daily Pivot Point S1	17.72
Daily Pivot Point S2	17.52
Daily Pivot Point S3	17.37
Daily Pivot Point R1	18.06
Daily Pivot Point R2	18.21
Daily Pivot Point R3	18.41

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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