Silver Price Analysis: XAG/USD bulls can ignore recent pullback around $27.50

Silver consolidates the previous day’s gains, refreshes intraday low of late.
Clear trading beyond immediate horizontal support, 100-HMA back buyers amid upbeat MACD signals.
A seven-day-old rising trend line adds to the downside filters.

Anil Panchal FXStreet

Silver takes offers around $27.60, down 0.10% intraday, amid the early Asian session on Wednesday. The white metal jumped the most in the week the previous day while keeping the last Thursday’s upside break of a horizontal hurdle, now support.

Also, a sustained up-move beyond 100-HMA and bullish MACD signals amplify support for the commodity buyers.

Hence, the latest top around $27.90 holds the key to the silver’s rally towards late February top near $28.35.

Following that, the $28.00 and the $29.00 round figures may offer intermediate halts before directing the bulls to the yearly peak surrounding the $30.00 psychological magnet.

Meanwhile, a 100-HMA level of $27.30 can act as immediate support ahead of the stated horizontal area from May 04, near $27.10-15.

It’s worth mentioning that the downside moves below $27.10 needs to break the $27.00 threshold, as well as a short-term support line around $26.60, before convincing silver sellers.

Silver hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price	27.62
Today Daily Change	0.31
Today Daily Change %	1.14%
Today daily open	27.31

Trends
Daily SMA20	26.28
Daily SMA50	25.81
Daily SMA100	26.14
Daily SMA200	25.64

Levels
Previous Daily High	27.88
Previous Daily Low	27.24
Previous Weekly High	27.68
Previous Weekly Low	25.81
Previous Monthly High	26.64
Previous Monthly Low	24.25
Daily Fibonacci 38.2%	27.48
Daily Fibonacci 61.8%	27.64
Daily Pivot Point S1	27.07
Daily Pivot Point S2	26.83
Daily Pivot Point S3	26.42
Daily Pivot Point R1	27.72
Daily Pivot Point R2	28.12
Daily Pivot Point R3	28.36

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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