Silver Price Analysis: Short-term rising wedge keeps XAG/USD sellers hopeful


  • Silver prices stay mildly positive above $23.50 after refreshing the highest level since last Wednesday.
  • MACD seems to lose the bullish momentum, 200-HMA adds to the upside barriers.
  • 100-HMA can offer intermediate support before confirming the bearish chart pattern.

Silver trades near $23.70, up 0.20% intraday during the early Tuesday. In doing so, the white metal trades near a four-day high while probing the resistance line of a bearish chart play, namely rising wedge.

Although the commodity’s sustained trading beyond 100-HMA enables it to stay firm, receding strength of the MACD histogram may pullback the quote back towards the key moving average near $23.00.

It should, however, be noted that the sellers will remain cautious unless silver prices slip beneath $22.85, comprising the support line of the stated wedge. Following that, the metal’s drop to the monthly low of $21.85 can’t be ruled out.

Alternatively, an upside clearance of $23.85 resistance will aim for a 200-HMA level of $24.56. Though, the $24.00 threshold may offer an intermediate halt during the rise.

During the quotes’ further upside past-$24.56, the $25.00 round-figures and September 22 peak surrounding $25.20/25 will gain silver bulls’ attention.

Silver hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 23.74
Today Daily Change 0.08
Today Daily Change % 0.34%
Today daily open 23.66
 
Trends
Daily SMA20 26
Daily SMA50 25.96
Daily SMA100 21.87
Daily SMA200 19.16
 
Levels
Previous Daily High 23.72
Previous Daily Low 22.52
Previous Weekly High 26.96
Previous Weekly Low 21.66
Previous Monthly High 29.86
Previous Monthly Low 23.44
Daily Fibonacci 38.2% 23.26
Daily Fibonacci 61.8% 22.98
Daily Pivot Point S1 22.88
Daily Pivot Point S2 22.1
Daily Pivot Point S3 21.68
Daily Pivot Point R1 24.09
Daily Pivot Point R2 24.51
Daily Pivot Point R3 25.29

 

 

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