Silver Price Analysis: XAG/USD dips below $27.00 after hitting multi-year high

Silver pulls back from $27.33 amid geopolitical concerns, market caution.
Bullish trend holds, with supports at $25.91, $25.08.
Rebound above $27.00 may target recent high, with eyes on $28.00, subject to market shifts.

Christian Borjon Valencia FXStreet

Silver’s retreats after hitting a two-and-a-half-year high of $27.33 amid growing speculations of geopolitical risks due to Israel’s attack on Iran’s embassy in Syria. That has triggered a late risk-off impulse, which is weighing on the precious metals, including Gold. The XAG/USD is down more than 1% and trades at $26.84.

XAG/USD Price Analysis: Technical outlook

Silver’s remain upward biased as depicted by successive series of higher highs and higher lows, despite retreating as of writing. If sellers would like to regain control, they must drag XAG/USD’s prices toward the December 4 high turned support at $25.91. Once surpassed, the next stop would be the April 2 low at $25.08 before plummeting toward March 27’s low of $24.33.

On the other hand, if buyers push Silver’s spot price above $27.00, look for a re-test of the year-to-date (YTD) high at $27.33 before rallying to $28.00.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	26.82
Today Daily Change	-0.35
Today Daily Change %	-1.29
Today daily open	27.17

Trends
Daily SMA20	24.93
Daily SMA50	23.66
Daily SMA100	23.66
Daily SMA200	23.42

Levels
Previous Daily High	27.19
Previous Daily Low	26.12
Previous Weekly High	25
Previous Weekly Low	24.33
Previous Monthly High	25.77
Previous Monthly Low	22.51
Daily Fibonacci 38.2%	26.78
Daily Fibonacci 61.8%	26.53
Daily Pivot Point S1	26.47
Daily Pivot Point S2	25.76
Daily Pivot Point S3	25.4
Daily Pivot Point R1	27.54
Daily Pivot Point R2	27.9
Daily Pivot Point R3	28.61

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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