• Silver has fallen 0.60% on Tuesday despite gold pushing higher.
  • There is now a chart pattern forming USD 26 per ounce is a decent support.

Silver daily chart

Since the silver price rally, the price has pulled away from the recent high which fell short of the USD 30 per troy ounce mark. Now the price has converged into a triangle pattern. This a clear consolidation before the market decides what the next move will be but a directional break could give us some major clues on the future path of the metal. 

The chart has a very strong support level too. The red line just above USD 26 per ounce has been tested at least four times cementing its importance. On the topside, the next wave high is pretty far off at USD 28.90 per ounce and the bulls will be looking to take out that level. 

The indicators look like they are pulling away from depressed levels. The Relative Strength Index has been in the oversold area but is now moving to the mid-point. The MACD histogram is just about in the green but the signal lines are still under the zero point. 

On the longer-term charts, the price is still in a clear uptrend. A break of the price pattern to the upside could take the price to the recent highs near USD 30 per ounce. 

Silver Technical Analysis

Additional levels

XAG/USD

Overview
Today last price 26.64
Today Daily Change -0.20
Today Daily Change % -0.75
Today daily open 26.84
 
Trends
Daily SMA20 26.97
Daily SMA50 23.9
Daily SMA100 20.3
Daily SMA200 18.51
 
Levels
Previous Daily High 27.18
Previous Daily Low 26.63
Previous Weekly High 28.9
Previous Weekly Low 26.3
Previous Monthly High 29.86
Previous Monthly Low 23.44
Daily Fibonacci 38.2% 26.84
Daily Fibonacci 61.8% 26.97
Daily Pivot Point S1 26.58
Daily Pivot Point S2 26.33
Daily Pivot Point S3 26.03
Daily Pivot Point R1 27.14
Daily Pivot Point R2 27.43
Daily Pivot Point R3 27.69

 

 

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