Silver Price Analysis: XAG/USD bulls stay hopeful even as MACD flirts with bears


  • Silver keeps the bounce off 200-bar SMA inside one-week-old ascending trend channel.
  • Multiple failures to break the key SMA joins bullish chart pattern to favor buyers.
  • Sellers can aim for monthly low on the downside break of the channel.

Silver prices stay mildly positive while taking rounds to $27.17 during Thursday’s Asian session. The white metal has been trading beyond 200-bar SMA despite the MACD histogram’s recent weakness. Also portraying the commodity’s strength could be an upward sloping trend channel formation since September 09.

As a result, $27.45 and the weekly high near $27.60 can lure silver buyers before highlighting the aforementioned channel’s resistance line, currently around $27.70.

Also acting as an upside barrier is the 61.8% Fibonacci retracement of the early-month declines by the bullion, at $27.73 now.

Alternatively, a 200-bar SMA level of $27.05 offers immediate support to the quote before the channel’s lower line, near $26.80, challenges the sellers.

It should, however, be noted that silver bears’ dominance past-$26.80 will be targeting the monthly low of $25.84.

Silver four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 27.18
Today Daily Change 0.04
Today Daily Change % 0.15%
Today daily open 27.14
 
Trends
Daily SMA20 27.08
Daily SMA50 24.95
Daily SMA100 21.01
Daily SMA200 18.81
 
Levels
Previous Daily High 27.63
Previous Daily Low 27
Previous Weekly High 27.49
Previous Weekly Low 25.85
Previous Monthly High 29.86
Previous Monthly Low 23.44
Daily Fibonacci 38.2% 27.39
Daily Fibonacci 61.8% 27.24
Daily Pivot Point S1 26.89
Daily Pivot Point S2 26.63
Daily Pivot Point S3 26.26
Daily Pivot Point R1 27.51
Daily Pivot Point R2 27.88
Daily Pivot Point R3 28.13

 

 

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