Silver Price Analysis: XAG/USD battles $24.00 as key SMAs probe monthly support break


  • Silver consolidates recent losses from a confluence of 50-bar and 100-bar SMAs.
  • Sustained break of seven-day-old rising trend line highlights fortnight-long horizontal support on the bear’s radar.
  • Bulls need to cross a falling resistance line from Tuesday for fresh entries.

Silver retraces the heaviest losses in two weeks around $23.90 during Thursday’s Asian session. The white metal’s declines the previous day could be traced to a downside break of an ascending trend line from November 30. Though, a confluence of important Simple Moving Averages (SMAs) probes the bears, for now.

Even so, the corrective bounce is yet to regain the trend line support, now resistance, which in turn directs the quote to multiple highs marked since November 25 around $23.55/50.

If at all the sellers keep the reins past-$23.50, November-end top near $22.70 and the previous month’s low near $21.90 will become their favorites.

On the contrary, an upside break of the previous support line, at $24.30 needs to cross the immediate resistance line, currently around $24.35, to recall the silver buyers targeting to refresh the monthly high of $24.86.

In doing so, the commodity bulls will eye November’s peak close to $26.00.

Silver four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 23.89
Today Daily Change -0.67
Today Daily Change % -2.73%
Today daily open 24.56
 
Trends
Daily SMA20 23.96
Daily SMA50 24.12
Daily SMA100 25.07
Daily SMA200 20.76
 
Levels
Previous Daily High 24.87
Previous Daily Low 24.43
Previous Weekly High 24.41
Previous Weekly Low 21.9
Previous Monthly High 26.01
Previous Monthly Low 21.9
Daily Fibonacci 38.2% 24.7
Daily Fibonacci 61.8% 24.6
Daily Pivot Point S1 24.37
Daily Pivot Point S2 24.18
Daily Pivot Point S3 23.94
Daily Pivot Point R1 24.81
Daily Pivot Point R2 25.06
Daily Pivot Point R3 25.25

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD falls toward 1.20 as the dollar gains further ground

EUR/USD is under pressure as the dollar gains ground across the board, amid a damp market mood. The euro fails to benefit from the European regulators' decision to reinstate the J&J vaccine.

EUR/USD News

GBP/USD remains pressured below 1.3950 amid mixed UK data

GBP/USD is trading below 1.3950, extending the pullback from its seven-week highs. The dollar benefits from the risk-off mood, while the pound struggles after CPI missed with 0.7% and as UK PM Johnson warns of winter covid wave.

GBP/USD News

Gold likely to face stiff resistance near $1795-$1800, focus on yields

Gold (XAU/USD) rebounded on Tuesday as the US Treasury yields tumbled alongside global stocks. Surging covid infections globally brought a reality check into the markets and triggered a fresh risk-aversion wave.

Gold News

Binance needs to breach this crucial supply barrier to set up record levels again

Binance Coin price shows a short-term rejection around the supply zone’s upper layer at $594.32. A close above the said level is a must if BNB bulls want to scale to new highs. Supply distribution shows that whales holding between 100,000 to 1,000,000 BNB are accumulating.

Read more

Bank of Canada Preview: Dovish surprise to lift USD/CAD

Bank of Canada is expected to leave its policy unchanged at 0.25%. Investors await adjustments to BoC’s asset-buying program. USD/CAD is likely to react more significantly to a dovish surprise.

Read more

Forex MAJORS

Cryptocurrencies

Signatures