Silver Price Analysis: XAG/USD bulls keep the reins above $28.00


  • Silver prices pick-up bids around the highest levels in three weeks.
  • Clearance of horizontal resistance from January 06 backs the bulls.
  • Confluence of 21-day SMA, monthly falling trend line offers strong support.

Silver rises to $28.21 during the initial Asian session on Tuesday. The white metal cleared two key hurdles the previous day for climbing to the early February tops before easing from $28.28.

However, the commodity stays above previous resistances amid strong RSI conditions, which in turn keeps the bulls hopeful.

Hence, the $29.00 is up on the buyers’ radar while the $30.00 psychological magnet and the monthly top near $30.10 being the key hurdles to watch afterward.

Alternatively, a downside break below the seven-week-old horizontal support near $27.95 can restrict the bullion’s immediate downside ahead of dragging it to the convergence of 21-day SMA and a downward sloping trend line from February 01, currently around $27.05.

In a case where silver bears manage to sneak in below $27.00, the monthly low near 425.90 will be on their radars.

Overall, silver cleared the key upside barrier and is up for fresh north-run.

Silver daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 28.2
Today Daily Change 1.00
Today Daily Change % 3.68%
Today daily open 27.2
 
Trends
Daily SMA20 26.85
Daily SMA50 26.22
Daily SMA100 25.18
Daily SMA200 23.68
 
Levels
Previous Daily High 27.61
Previous Daily Low 26.2
Previous Weekly High 27.96
Previous Weekly Low 26.2
Previous Monthly High 27.92
Previous Monthly Low 24.19
Daily Fibonacci 38.2% 27.07
Daily Fibonacci 61.8% 26.74
Daily Pivot Point S1 26.4
Daily Pivot Point S2 25.59
Daily Pivot Point S3 24.98
Daily Pivot Point R1 27.81
Daily Pivot Point R2 28.42
Daily Pivot Point R3 29.22

 

 

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