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.

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

 

 

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