Silver Price Analysis: XAG/USD bears can ignore latest bounce to 100-day SMA


  • Silver struggles to keep week-start gap-up but snaps three-day losing streak.
  • Bearish MACD, downbeat RSI joins sustained break of yearly support line, now resistance, to favor silver sellers.
  • Yearly low, 200-day SMA will be a tough nut to crack for bears.

Silver prices waver around $25.40, fading the initial run-up to $25.56, during Monday’s Asian session. In doing so, the white metal confronts 100-day SMA while also keeping the last week’s break of an ascending trend line from March 2020.

Given the bearish MACD and descending RSI line join the previous week’s downside break of the key support line and 100-day SMA, silver prices are likely to remain depressed.

However, fresh selling can wait until the bears conquer January 27 low near $24.70 as it triggered the commodity’s bounce during Friday.

Also acting as the strong downside barrier is a confluence of 200-day SMA and the yearly low near $24.20.

Meanwhile, a daily closing beyond the 100-day SMA level of $25.45 will need to cross the previous support line, at $25.80 now, to recall the silver buyers.

Following that, lows marked during late February around $26.20 should test the bulls targeting the monthly top beyond $27.00.

Silver daily chart

Trend: Bearish

Additional important levels

Overview
Today last price 25.41
Today Daily Change 0.23
Today Daily Change % 0.91%
Today daily open 25.18
 
Trends
Daily SMA20 26.99
Daily SMA50 26.49
Daily SMA100 25.43
Daily SMA200 24.16
 
Levels
Previous Daily High 25.46
Previous Daily Low 24.83
Previous Weekly High 27.08
Previous Weekly Low 24.83
Previous Monthly High 30.07
Previous Monthly Low 25.9
Daily Fibonacci 38.2% 25.07
Daily Fibonacci 61.8% 25.22
Daily Pivot Point S1 24.85
Daily Pivot Point S2 24.52
Daily Pivot Point S3 24.22
Daily Pivot Point R1 25.48
Daily Pivot Point R2 25.79
Daily Pivot Point R3 26.12

 

 

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