Silver Price Analysis: XAG/USD bulls need $26.60-65 breakout to retake controls

  • Silver keeps Monday’s rebound from 200-day SMA, picks up bids of late.
  • 100-day SMA, multiple highs since March probe buyers.
  • RSI conditions, sustained trading above the key SMA favor bulls.

Silver buyers attack the $26.00 threshold, up 0.13% intraday, ahead of Tuesday’s European session. In doing so, the quote keeps the previous day’s bounce off 200-day SMA amid RSI recovery from oversold conditions.

Silver bulls eyeing further consolidation from important SMA, amid favorable RSI conditions, require a clear upside break of the $26.60-65 horizontal hurdle, comprising 100-day SMA and multiple tops marked since March 18 to regain the throne.

Following that, the early-month low near the $27.00, the $28.00 and another horizontal hurdle around $28.30 will be in the spotlight.

Meanwhile, pullback moves remain less worrisome until staying beyond the 200-day SMA level of $25.70. Also defending the silver buyers is an ascending support line from November 30, 2020, around $25.00.

In a case where the precious metal fails to stay above the $25.00 round–figure, the yearly bottom surrounding $23.75 should lure the silver bears.

Silver daily chart

Trend: Further recovery expected

Additional important levels

Today last price 25.99
Today Daily Change 0.03
Today Daily Change % 0.12%
Today daily open 25.96
Daily SMA20 27.5
Daily SMA50 27.04
Daily SMA100 26.62
Daily SMA200 25.72
Previous Daily High 26.08
Previous Daily Low 25.55
Previous Weekly High 28.02
Previous Weekly Low 25.76
Previous Monthly High 28.75
Previous Monthly Low 25.81
Daily Fibonacci 38.2% 25.88
Daily Fibonacci 61.8% 25.76
Daily Pivot Point S1 25.64
Daily Pivot Point S2 25.33
Daily Pivot Point S3 25.11
Daily Pivot Point R1 26.18
Daily Pivot Point R2 26.4
Daily Pivot Point R3 26.71



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD falls toward 1.1850 amid souring market mood

EUR/USD is trading closer to 1.1850, down on the day, as Monday's concerns about slower growth following the disappointing ISM Manufacturing PMI have spilled over to Tuesday. The risk-off mood, also backed by rising US covid cases, is boosting the safe-haven dollar.


GBP/USD clings to 1.39 as UK covid cases fall

GBP/USD is trading around 1.39, little changed, as UK covid cases extend their drop toward 20,000. The broader market mood is also calmer despite growth worries. 


XAU/USD continues to target $1804 and $1800 support levels

Gold is holding the lower ground, heading closer towards $1800, as traders remain cautious and refrain from placing any fresh directional bets ahead of the all-important US NFP data due this Friday.

Gold News

Bitcoin and altcoins correct before another run-up

Bitcoin price has dropped 10% since its August 1 swing high at $42,599. Ethereum price follows BTC and has shed 9% as it bounces off the $2,460 support level. Ripple price came extremely close to retesting the range high at $0.785 but is now undergoing correction.

Read more

Delta Doom is set to storm America, the dollar could emerge as top dog

"America is coming back" – these words by US President Joe Biden have sounded like a victory lap for the country's success in depressing COVID-19 cases, hospitalizations, and especially deaths. The charts are indeed impressive:

Read more