Silver Price Analysis: XAG/USD defends multi-month support near $25.80


Share:
  • Silver consolidates near the $25.80 after a free fall from the $28.00 level.
  • XAG/USD is holding above 200-day SMA indicating emergence of support here.
  • Oversold momentum oscillators warn against aggressive directional bids.

Silver Price (XAG/USD) treads water in the Asian session. Prices move in a very close trading band with no meaningful traction. 

At the time of writing, XAG/USD is trading at $25.89, down 0.02% for the day.

XAG/USD daily chart

On the daily chart, the white metal has been consolidating in a broader trading range of $27.00-$28-50, before breaking the range on June 16. XAG/USD tested the levels last seen in April.

If price makes sustained moves above the intraday high at $25.96, then it could continue to move higher. The first target could be found at the previous day’s high at $26.29.

The  Moving Average Convergence Divergence ( MACD) indicator holds onto the oversold zone with stretched selling conditions. Any uptick in the MACD would allow bulls to take over the $26.60 horizontal resistance level.

That said, XAG/USD  would be motivated to test the high of June 17 in the vicinity of the  $27.25 area.

Alternatively, if price decisively breaks the 200-day Simple Moving Average (SMA) at $25.70, then it could meet its first lower target at the low of June 21 at $25.55.

A daily close below the mentioned level could prompt the bulls to march toward April 15 low at $25.32 followed by the $25.00 horizontal support level.

XAG/USD additional level

XAG/USD

Overview
Today last price 25.89
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 25.89
 
Trends
Daily SMA20 27.3
Daily SMA50 27.06
Daily SMA100 26.58
Daily SMA200 25.71
 
Levels
Previous Daily High 26.3
Previous Daily Low 25.74
Previous Weekly High 28.02
Previous Weekly Low 25.76
Previous Monthly High 28.75
Previous Monthly Low 25.81
Daily Fibonacci 38.2% 26.08
Daily Fibonacci 61.8% 25.95
Daily Pivot Point S1 25.66
Daily Pivot Point S2 25.42
Daily Pivot Point S3 25.1
Daily Pivot Point R1 26.21
Daily Pivot Point R2 26.53
Daily Pivot Point R3 26.77

 


 

Share: Feed news

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content

Editors’ Picks

EUR/USD advances toward 1.0850 ahead of Lagarde

EUR/USD advances toward 1.0850 ahead of Lagarde

EUR/USD is extending gains toward 1.0850 in the European session on Monday. The US Dollar is dragged lower by sluggish US Treasury bond yields, despite a tepid market mood. Lagarde's speech and US data are next in focus. 

EUR/USD News

GBP/USD recovers toward 1.2700 despite cautious mood

GBP/USD recovers toward 1.2700 despite cautious mood

GBP/USD has managed to reverse losses, heading toward 1.2700 on Monday, even as investors remain on a cautious footing. A modest downtick in the US Dollar alongside the US Treasury bond yields is lending support to the pair. BoE Pill's speech and US housing data are awaited. 

GBP/USD News

Gold price consolidates around 50-day SMA, downside seems cushioned amid sliding US bond yields

Gold price consolidates around 50-day SMA, downside seems cushioned amid sliding US bond yields

Gold price (XAU/USD) attracts some dip-buying during the early part of the European session, albeit lacks follow-through and remains below a two-week high touched on Friday.

Gold News

XRP price drops to $0.53 amidst concerns whether the SEC will settle its lawsuit against Ripple

XRP price drops to $0.53 amidst concerns whether the SEC will settle its lawsuit against Ripple

XRP price decline to the psychologically important level of $0.50 becomes likely as the altcoin drops to $0.53 on Monday. XRP holders are anticipating the Securities and Exchange Commission’s (SEC) next move.

Read more

Five fundamentals for the week: Fed favorite PCE stands out as turbulent month ends Premium

Five fundamentals for the week: Fed favorite PCE stands out as turbulent month ends

Core PCE, the Federal Reserve's preferred inflation gauge is the main event of the week. An update to US GDP in Q4 and January's Durable Goods Orders provides hard data. The forward-looking ISM Manufacturing PMI has the last word of the week.

Read more

Forex MAJORS

Cryptocurrencies

Signatures