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.

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

 

 

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