Silver Price Analysis: XAG/USD buyers ignore Tuesday’s Doji above $28.00
- Silver stays bid near three-week top flashed on Tuesday.
- The metal remains above 21-day SMA and a seven-week-old resistance line but bearish candlestick formation, MACD question the bulls.
- August high, $30.00 become the key upside barriers.
Silver prices rise to $28.26, up 0.45% on a day, during Wednesday’s Asian session. In doing do, the white metal pays a little heed to the previous day’s Doji candlestick and bearish MACD while taking rounds to a three-week high.
However, a clear break above $29.00 will be necessary for the bullion buyers to shrug off the candlestick and momentum indicators suggesting a fresh downside.
It should, additionally, be noted that August month’s high near $29.85 and the $30.00 round-figures act as extra upside filters during the quote’s rise past-$29.00.
Meanwhile, $28.00 and 21-day SMA near $27.30 may offer immediate supports to the metal ahead of an ascending trend line from July 17, at $27.17 now.
If at all the bears manage to sneak in around $27.15, August 25 low near $26.00 and August 12 bottom close to $23.10 could regain market attention.
Silver daily chart
Trend: Pullback expected
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.
