Silver Price Analysis: XAG/USD eases from short-term channel resistance

Silver retreats from multi-day high, keeps bullish chart formation.
Bearish MACD signals, failures to cross channel’s resistance favor pullback moves.
200-SMA becomes the key hurdle for sellers, bulls need fresh monthly high to tighten grips.

Anil Panchal FXStreet

Silver (XAG/USD) keeps the previous day’s pullback from a three-month peak, around $25.10 during early Tuesday. In doing so, the bright metal steps back from the upper line of an ascending trend channel from late September amid bearish MACD signals.

The commodity’s latest consolidation eyes a two-week-old support line, near $24.80, at the momentum. However, the XAG/USD bears remain cautious until the quote stays inside the bullish chart pattern, staying above $23.70. Adding to the downside filters is the 200-SMA level near $23.65.

Should the bullion prices remain weak past $23.65, the monthly low of $23.02 will be on silver sellers’ radar.

On the flip side, the stated channel’s upper line around $25.50 can probe the silver bulls ahead of directing them to the August month’s high near $26.00.

Overall, XAG/USD bulls seem to have tired of late but the upside momentum isn’t eroded yet.

Silver: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	25.1
Today Daily Change	0.00
Today Daily Change %	0.00%
Today daily open	25.1

Trends
Daily SMA20	24.27
Daily SMA50	23.47
Daily SMA100	24.15
Daily SMA200	25.36

Levels
Previous Daily High	25.38
Previous Daily Low	24.91
Previous Weekly High	25.39
Previous Weekly Low	24.03
Previous Monthly High	24.83
Previous Monthly Low	22
Daily Fibonacci 38.2%	25.09
Daily Fibonacci 61.8%	25.2
Daily Pivot Point S1	24.88
Daily Pivot Point S2	24.66
Daily Pivot Point S3	24.41
Daily Pivot Point R1	25.35
Daily Pivot Point R2	25.6
Daily Pivot Point R3	25.82

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.

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