Silver Price Analysis: XAG/USD erases weekly gain, risks deeper pullback

Omkar Godbole FXStreet Contributor

Silver is now trading largely unchanged on the week near $26.82 having put in a high of $27.81 earlier this week.

The pullback validates bull fatigue signaled by the long upper wick attached to the previous weekly candle and suggests scope for a deeper drop.

Support is seen at $25.90 (last week's low), which, if breached, would expose the higher low of $24.60 created in January. On the higher side, the weekly high of $27.81 is the resistance to beat for the bulls.

Weekly chart

Trend: Bearish

Technical levels

XAG/USD

Overview
Today last price	26.82
Today Daily Change	-0.19
Today Daily Change %	-0.70
Today daily open	27.01

Trends
Daily SMA20	26.2
Daily SMA50	25.79
Daily SMA100	24.92
Daily SMA200	23.28

Levels
Previous Daily High	27.53
Previous Daily Low	26.82
Previous Weekly High	30.07
Previous Weekly Low	25.9
Previous Monthly High	27.92
Previous Monthly Low	24.19
Daily Fibonacci 38.2%	27.09
Daily Fibonacci 61.8%	27.26
Daily Pivot Point S1	26.71
Daily Pivot Point S2	26.41
Daily Pivot Point S3	26
Daily Pivot Point R1	27.42
Daily Pivot Point R2	27.83
Daily Pivot Point R3	28.13

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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