- Silver price remains sidelined after rising to the highest levels in one year.
- Overbought RSI, multiple immediate resistances challenge XAG/USD buyers.
- Silver sellers stay off the table beyond $24.50.
Silver price (XAG/USD) remains firmer at $25.80, despite recent inaction at the highest levels in one year during early Friday in Asia. In doing so, the bright metal justifies the overbought RSI conditions, as well as fears of bulls amid a bumpy road towards the north. However, multiple supports and bullish MACD signals keep the XAG/USD buyers hopeful.
That said, the XAG/USD pullback needs validation from a 10-month-old previous resistance line, around $25.50.
Even so, the convergence of the 61.8% Fibonacci retracement level of the metals moves between May 2021 to September 2022 and a 23-month-old downward-sloping trend line, near $24.50, appears a tough nut to crack for the Silver sellers.
In a case where the Silver price remains bearish past $24.50, the odds of witnessing a gradual decline toward the 50% Fibonacci retracement level surrounding $23.20 can’t be ruled out.
On the flip side, the $26.00 round figure prods the XAG/USD bulls ahead of the 78.6% Fibonacci retracement, around $26.35.
Following that, a broad area comprising tops marked since July 2021, around $26.95-75, quickly followed by the $27.00 round figure, will be in focus.
Overall, the Silver price is likely to remain firmer even if the short-term pullback appears imminent.
Silver price: Daily chart
Trend: Pullback expected
Additional important levels
|Today last price||25.83|
|Today Daily Change||0.33|
|Today Daily Change %||1.29%|
|Today daily open||25.5|
|Previous Daily High||25.67|
|Previous Daily Low||25.04|
|Previous Weekly High||25.14|
|Previous Weekly Low||23.57|
|Previous Monthly High||24.16|
|Previous Monthly Low||19.9|
|Daily Fibonacci 38.2%||25.43|
|Daily Fibonacci 61.8%||25.28|
|Daily Pivot Point S1||25.14|
|Daily Pivot Point S2||24.78|
|Daily Pivot Point S3||24.51|
|Daily Pivot Point R1||25.77|
|Daily Pivot Point R2||26.04|
|Daily Pivot Point R3||26.4|
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