Silver Price Analysis: XAG/USD eases from multi-week high, strong rally stalls near 61.8% Fibo.

Silver rallies to over a three-week high on Tuesday and taps the $20.00 psychological mark.
The momentum confirms a bullish break through the 100 DMA/50% Fibo. confluence hurdle.
Sustained weakness below the $19.00 mark is needed to negate the near-term positive outlook.

Haresh Menghani FXStreet

Silver catches aggressive bids on Tuesday and rallies to over a three-week high during the early North American session. The white metal is currently trading just below the $20.00 psychological mark, with bulls now awaiting sustained strength beyond the 61.8% Fibonacci retracement level of the recent fall from the October monthly swing high.

Looking at the broader picture, the strong intraday move-up confirms a fresh bullish breakout through the $19.55-$19.65 confluence hurdle. The said area comprises 50% Fibo. level and the 100-day SMA, which should now act as a strong near-term base and a key pivotal point to determine the next leg of a directional move for the XAG/USD.

Given that technical indicators on the daily chart have just started gaining positive traction, some follow-through buying will reaffirm the constructive set-up and pave the way for additional gains. The XAG/USD might then accelerate the momentum towards an intermediate resistance near the $20.50 zone en route to the $21.00 round-figure mark.

On the flip side, the $19.65-$19.55 resistance breakpoint is likely to protect the immediate downside. Any further decline might continue to attract some buyers near the $19.00-$18.90 support, marking the 23.6% Fibo. level. A convincing break below the latter will shift the bias in favour of bearish traders and make the XAG/USD vulnerable.

The subsequent downfall could get extended and drag spot prices towards the next relevant support near the $18.30-$18.25 region. This is closely followed by the $18.00 round-figure mark, which if broken decisively will expose the YTD low, around the $17.55 zone touched in September.

Silver daily chart

Key levels to watch

XAG/USD

Overview
Today last price	19.91
Today Daily Change	0.75
Today Daily Change %	3.91
Today daily open	19.16

Trends
Daily SMA20	19.38
Daily SMA50	19.11
Daily SMA100	19.54
Daily SMA200	21.58

Levels
Previous Daily High	19.26
Previous Daily Low	18.9
Previous Weekly High	19.78
Previous Weekly Low	18.79
Previous Monthly High	21.24
Previous Monthly Low	18.09
Daily Fibonacci 38.2%	19.04
Daily Fibonacci 61.8%	19.12
Daily Pivot Point S1	18.96
Daily Pivot Point S2	18.75
Daily Pivot Point S3	18.6
Daily Pivot Point R1	19.32
Daily Pivot Point R2	19.47
Daily Pivot Point R3	19.68

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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