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.

AUD/USD pulls back from monthly high but holds above 0.7000

AUD/USD retreats from the monthly high set earlier this Thursday, sliding back to 0.7000 during the Asian session as a further escalation of tensions in the Middle East undermines the risk-sensitive Aussie. However, recent hawkish comments from RBA officials could support the Australian Dollar. Furthermore, the prevailing US Dollar selling bias, despite Fed hike bets and geopolitical uncertainties, could limit losses for the pair.

USD/JPY declines to a one-week low; eyes trading range support near 157.50 on weaker USD

USD/JPY drops to a one-week low during Thursday’s Asian session, with bears now awaiting a break below multi-week range support near mid-157.00s before placing fresh bets amid a broadly weaker US Dollar. Despite bets for a December Fed rate hike and Middle East jitters, the recent decline in US bond yields keeps USD depressed near a three-week low. Moreover, hawkish BoJ expectations and intervention risks underpin the Japanese Yen, further weighing on the currency pair.

Gold sinks to over two-month low as higher-for-longer interest rate expectations weigh

Gold (XAU/USD) slips below $4,100 on Thursday as the US Dollar (USD) rebounds, while energy-driven inflation concerns from Middle East tensions reinforce expectations that interest rates will remain elevated longer.

Dogecoin stays weak despite whales and new deal

Dogecoin price remains under pressure, trading below $0.081 despite a modest rebound earlier this week. Santiment data shows signs of accumulation, and Wednesday’s announcement of a Dogecoin Labs partnership with the Dogecoin Foundation adds a mildly bullish sentiment. Meanwhile, mixed derivatives metrics and weakening momentum indicators continue to limit the meme coin recovery.

3 Gold forecasts at $4,100: A bullish Arc rejection, a bearish Fed setup and a festival tiebreaker

Gold (XAU/USD) is trading near $4,100, and the three latest analyses cannot agree on what the level means: one sees the bounce from support as confirmation of a potential push toward $4,227, another argues every rally is vulnerable while price sits under its 20-day EMA, and the third points to India's Diwali buying season as the physical test about to meet the market.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.