Silver Price Analysis: Rejected at 4H 200MA, down 1%

Silver turned lower from a crucial average hurdle during the overnight trade.
The metal is trapped in a rising wedge pattern on the 4-hour chart.

Omkar Godbole FXStreet Contributor

Silver is facing losses on Wednesday, having faced rejection at the 4-hour chart 200-average during Tuesday's US trading hours.

At press time, XAG/USD or silver is trading at $14.97 per ounce, representing a 1 percent decline on the day. Meanwhile, the 200-candle average is located at $15.37.

The semi-precious metal is trapped in a rising wedge on the 4-hour chart. A break below the lower end of the wedge at $14.67 would confirm breakdown and indicate a resumption of the sell-off from the March 9 high of $17.61. That would open the doors for a sell-off to $13.82 (Support of April 1 low).

On the higher side, a convincing move above $15.50 is needed to establish a higher high and expose the former support-turned-resistance of $16.40.

4-hour chart

Trend: Bearish after wedge breakdown

Technical levels

XAG/USD

Overview
Today last price	14.98
Today Daily Change	-0.06
Today Daily Change %	-0.40
Today daily open	15.04

Trends
Daily SMA20	14.07
Daily SMA50	16.23
Daily SMA100	16.86
Daily SMA200	17.03

Levels
Previous Daily High	15.51
Previous Daily Low	14.89
Previous Weekly High	14.56
Previous Weekly Low	13.82
Previous Monthly High	17.58
Previous Monthly Low	11.64
Daily Fibonacci 38.2%	15.27
Daily Fibonacci 61.8%	15.13
Daily Pivot Point S1	14.78
Daily Pivot Point S2	14.53
Daily Pivot Point S3	14.16
Daily Pivot Point R1	15.41
Daily Pivot Point R2	15.77
Daily Pivot Point R3	16.03

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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