Silver Price Analysis: XAG/USD extends break of two-week-old trend line above $25.00


  • Silver remains positive after breaking previous resistance line on Tuesday, recently refreshed weekly top.
  • Key SMA hurdles probe bulls, 61.8% Fibonacci retracement , one-week-old support line can challenge the sellers.

Silver refreshes weekly top to $25.48, currently up 0.90% around $25.40, during early Wednesday. The white metal broke a downward sloping trend line from January 06 the previous day but is currently battling the 200-bar SMA amid normal RSI conditions.

Given the commodity’s sustained break of prior resistance, silver is likely to cross the 200-bar SMA level near $25.50.

Following that, 100-bar SMA level of $26.05 and December-end tops near $26.60/65 can test the silver bulls ahead of directing them to the multi-day high of $27.92 and the $28.00 threshold.

On the flip side, a downside break below the immediate support line around $24.85 will highlight the $24.20/10 support zone comprising the 61.8% Fibonacci retracement of late-November 2020 to the early January 2021 upside and a descending trend line from January 11.

In a case where the bullion declines below $24.10, multiple supports around $23.60 can entertain silver sellers.

Silver four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 25.38
Today Daily Change 0.22
Today Daily Change % 0.87%
Today daily open 25.16
 
Trends
Daily SMA20 25.99
Daily SMA50 24.96
Daily SMA100 24.91
Daily SMA200 22.37
 
Levels
Previous Daily High 25.42
Previous Daily Low 24.93
Previous Weekly High 25.89
Previous Weekly Low 24.34
Previous Monthly High 27.41
Previous Monthly Low 22.59
Daily Fibonacci 38.2% 25.23
Daily Fibonacci 61.8% 25.12
Daily Pivot Point S1 24.92
Daily Pivot Point S2 24.68
Daily Pivot Point S3 24.43
Daily Pivot Point R1 25.41
Daily Pivot Point R2 25.66
Daily Pivot Point R3 25.89

 

 

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