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.

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


Today last price 17.87
Today Daily Change -0.04
Today Daily Change % -0.16
Today daily open 17.91
Daily SMA20 17.66
Daily SMA50 16.51
Daily SMA100 16.28
Daily SMA200 16.91
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



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.


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.


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