Silver Price Analysis: Bulls consolidate near 200-day SMA

Silver prints substantial gains after the previous day’s fallout.
XAG/USD eyes 200-day SMA as bears gather momentum for the next downside.
Momentum oscillator reflects the bearish biasness.

Rekha Chauhan Independent Analyst

Silver Price (XAG/USD) took a breather on Friday and edged higher in the early European session. The prices fell sharply consecutively for the past two sessions while touching the low of $25.77 on Thursday.

At the time of writing, XAG/USD trades at $26.22, up 1.18% for the day.

XAG/USD daily chart

On the daily chart, the white metal has been under selling pressure near the $28.30 level. The multiple top formations constitute the confluence zone at this level.

If price makes sustained moves below the intraday low at $25.91, then it could continue with the prevailing downside momentum. The first target could be found at the 200-day Simple Moving Average (SMA) at $25.72.

A break of 200-SMA would open a fresh round of selling coupled with the receding Moving Average Convergence Divergence ( MACD) indicator.

That said, XAG/USD bears would be motivated to test the $25.45 horizontal support level, the levels last seen in April. The next in line will be low on April 14 at $25.19.

Alternatively, if price decisively breaks the $26.25 key psychological mark then it could progress toward the $26.70 horizontal resistance level followed by the previous day high of $27.24.

A daily close above the mentioned level could prompt the bulls to march toward the June 16 high at $27.83.

XAG/USD additional levels

XAG/USD

Overview
Today last price	26.21
Today Daily Change	0.29
Today Daily Change %	1.12
Today daily open	25.92

Trends
Daily SMA20	27.68
Daily SMA50	27.01
Daily SMA100	26.64
Daily SMA200	25.73

Levels
Previous Daily High	27.25
Previous Daily Low	25.78
Previous Weekly High	28.29
Previous Weekly Low	27.47
Previous Monthly High	28.75
Previous Monthly Low	25.81
Daily Fibonacci 38.2%	26.34
Daily Fibonacci 61.8%	26.68
Daily Pivot Point S1	25.38
Daily Pivot Point S2	24.84
Daily Pivot Point S3	23.91
Daily Pivot Point R1	26.85
Daily Pivot Point R2	27.78
Daily Pivot Point R3	28.32

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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