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

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

 

 

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