Silver Price Analysis: XAG/USD consolidates biggest daily loss in a month below $26.00


  • Silver refreshes intraday top following a bounce off monthly low.
  • Clings to 61.8% Fibonacci retracement, a sustained trading below 200-DMA keeps sellers hopeful.

Silver (XAG/USD) prints corrective pullback near the monthly bottom, up 0.12% intraday around $25.70, amid Monday’s Asian session. In doing so, the white metal seesaws around 61.8% Fibonacci retracement level of March-May upside.

Although the upward sloping Momentum line suggests that the bearish move is strong, a daily closing below the stated key Fibonacci retracement level of $25.70 becomes necessary to witness the fresh selling pressure.

Following that, June’s low near $25.50, also the lowest since mid-April, will be the key as a downside break of which won’t hesitate to challenge the April 13 low near $24.65.

Meanwhile, further recovery of silver prices depends upon the breakout of the 200-DMA level of $25.86, which in turn could push the quote to a 50% Fibonacci retracement level of $26.25.

However, the commodity’s advances past $26.25 will be tested by a downward sloping trend line from July 06, near $26.35, as well as the monthly high near $26.75.

To sum, silver remains on the bear’s radar despite the latest bounce.

Silver: Daily chart

Trend: Bearish

Additional important levels

Overview
Today last price 25.66
Today Daily Change -0.01
Today Daily Change % -0.04%
Today daily open 25.67
 
Trends
Daily SMA20 26.07
Daily SMA50 26.98
Daily SMA100 26.39
Daily SMA200 25.86
 
Levels
Previous Daily High 26.45
Previous Daily Low 25.6
Previous Weekly High 26.46
Previous Weekly Low 25.6
Previous Monthly High 28.56
Previous Monthly Low 25.52
Daily Fibonacci 38.2% 25.93
Daily Fibonacci 61.8% 26.13
Daily Pivot Point S1 25.36
Daily Pivot Point S2 25.06
Daily Pivot Point S3 24.51
Daily Pivot Point R1 26.21
Daily Pivot Point R2 26.76
Daily Pivot Point R3 27.06

 

 

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