Silver Price Analysis: The pullback in the dollar has given silver the chance to climb


  • Silver has pushed nearly 3% higher on Monday. 
  • USD 24 per ounce looks like a strong resistance.

XAU/USD 4-hour chart

Silver is another one of those commodities that is benefitting from the dollar taking a break from its recent strength. Over the past week or so the greenback has found its voice after all of the major Fed speakers have been looking for fiscal stimulus that is not on the way. 

Looking at the chart, the price broke below the consolidation low and looks like it's about to test the area. The black line just above USD 24 per troy ounce could be a resistance zone for the bulls. 

There is also a tentative internal trendline at the current price level. Sometimes these levels work very nicely especially if they are near other important price zones. The indicators are mixed at the moment. The MACD histogram is green but the signal lines are lagging under the zero level. The Relative Strength Index is setting up for a bearish failure swing. This is when the price makes a lower high but the indicator makes a higher high wave or moves into oversold territory. 

Silver looks more vulnerable to downside moves in comparison to gold. The structure of the chart is more bearish as the consolidation low has been broken. If the dollar makes a comeback silver could be in trouble. 

Silver Technical Analysis

Additional levels

XAG/USD

Overview
Today last price 23.57
Today Daily Change 0.67
Today Daily Change % 2.93
Today daily open 22.9
 
Trends
Daily SMA20 26.22
Daily SMA50 25.88
Daily SMA100 21.79
Daily SMA200 19.13
 
Levels
Previous Daily High 23.31
Previous Daily Low 22.44
Previous Weekly High 26.96
Previous Weekly Low 21.66
Previous Monthly High 29.86
Previous Monthly Low 23.44
Daily Fibonacci 38.2% 22.77
Daily Fibonacci 61.8% 22.98
Daily Pivot Point S1 22.45
Daily Pivot Point S2 22.01
Daily Pivot Point S3 21.59
Daily Pivot Point R1 23.32
Daily Pivot Point R2 23.75
Daily Pivot Point R3 24.19

 

 

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