Silver Price Analysis: XAG/USD bulls seem tiring above $27.00

Silver holds lower ground after reversing from 10-week high.
Monday’s ‘Shooting star’ near short-term channel resistance suggests further pullback moves.
Bullish MACD probe sellers, confluence of 21-day SMA, channel support be the key.

Anil Panchal FXStreet

Silver prices remain pressured around $27.30 amid the initial Asian trading session on Tuesday. The white metal rose to the highest since late February the previous day before snapping a two-day winning streak, which in turn portrayed a ‘shooting star’ bearish candlestick formation on the daily (1D) chart.

Given the formation of the key candlestick near the resistance line of a six-week-old rising channel, silver may witness further downside towards the $27.00 threshold.

However, bullish MACD and convergence of 21-day SMA, as well as support line of the stated channel, near $26.35-30, could test the bears afterward.

Meanwhile, the channel’s upper line near $27.80 and Monday’s top of $27.88 may guard the commodity’s short-term upside, a clear trading beyond the same will defy the bearish candlestick formation.

However, silver bulls will wait for a sustained run-up above the late February top near $28.35 before challenging the $30.00 threshold during any further rise past $27.88.

Silver daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	27.32
Today Daily Change	-0.15
Today Daily Change %	-0.55%
Today daily open	27.47

Trends
Daily SMA20	26.16
Daily SMA50	25.79
Daily SMA100	26.12
Daily SMA200	25.63

Levels
Previous Daily High	27.68
Previous Daily Low	27.14
Previous Weekly High	27.68
Previous Weekly Low	25.81
Previous Monthly High	26.64
Previous Monthly Low	24.25
Daily Fibonacci 38.2%	27.47
Daily Fibonacci 61.8%	27.34
Daily Pivot Point S1	27.18
Daily Pivot Point S2	26.89
Daily Pivot Point S3	26.64
Daily Pivot Point R1	27.72
Daily Pivot Point R2	27.96
Daily Pivot Point R3	28.25

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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