Silver Price Analysis: XAG/USD bulls aim to refresh multi-year high above $26.00

Silver prices pick up the bids following early-Asia pullback from April 2013 high.
Bullish MACD, sustained trading beyond $25.00 immediate support favor buyers.
Ascending triangle support, 200-bar EMA restrict near-term downside.

Anil Panchal FXStreet

Silver prices trim initial losses while rising to $26.00, down 0.09% on a day, ahead of the European session on Wednesday. The white metal refreshed highest since April 13, 2013, during the early day’s trading. However, failures to rise past-$26.30 portrays a short-term rising triangle.

The bulls currently cheer upbeat MACD signals to again attack $26.30 in search of April 04, 2013 bottom surrounding $27.10. However, $27.95 and $28.00 could question the commodity’s further upside.

Meanwhile, $25.00 becomes immediate support to watch during the metal’s pullback ahead of the triangle support near $23.80.

In a case where the quote slips below $23.80, a 200-bar EMA level of $21.00 will be in the spotlight as a downside break of the same could recall the bears.

Silver four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	25.96
Today Daily Change	-0.04
Today Daily Change %	-0.15%
Today daily open	26

Trends
Daily SMA20	21.67
Daily SMA50	19.32
Daily SMA100	17.21
Daily SMA200	17.32

Levels
Previous Daily High	26.04
Previous Daily Low	24.14
Previous Weekly High	26.21
Previous Weekly Low	22.32
Previous Monthly High	26.21
Previous Monthly Low	17.76
Daily Fibonacci 38.2%	25.31
Daily Fibonacci 61.8%	24.86
Daily Pivot Point S1	24.75
Daily Pivot Point S2	23.49
Daily Pivot Point S3	22.85
Daily Pivot Point R1	26.65
Daily Pivot Point R2	27.29
Daily Pivot Point R3	28.55

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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