Silver Price Analysis: XAG/USD eyes re-test of previous resistance around $23.10


  • Silver prints mild losses, battles 200-bar SMA amid receding RSI conditions.
  • Sustained break of one-month-old falling trend line keeps buyers hopeful unless breaking the support line.

Silver drops to $23.96, down 0.68% intraday, during the early Friday. The white metal failed to cross 200-bar SMA the previous day while keeping Tuesday’s upside break of a falling trend line from November 06.

Considering the receding RSI conditions and repeated failures to rise past- 200-bar SMA, silver sellers currently eye the previous resistance line, at $23.09 now, during the further downside.

However, any extra weakness below $23.09 will have to break the $23.00 threshold while eyeing November’s bottom near $21.90.

Alternatively, an upside clearance of 200-bar SMA, currently around $24.10, needs validation from the recent high near $24.30 before targeting the mid-November high near $25.10.

Although expected uptick in the RSI can reach the overbought territory around $25.10, which in turn can probe the silver bulls, a further rise beyond the same will not hesitate to challenge the previous month’s high near $26.00.

Silver four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 23.96
Today Daily Change -0.17
Today Daily Change % -0.70%
Today daily open 24.13
 
Trends
Daily SMA20 23.99
Daily SMA50 24.07
Daily SMA100 24.94
Daily SMA200 20.65
 
Levels
Previous Daily High 24.28
Previous Daily Low 23.74
Previous Weekly High 24.4
Previous Weekly Low 22.34
Previous Monthly High 26.01
Previous Monthly Low 21.9
Daily Fibonacci 38.2% 24.08
Daily Fibonacci 61.8% 23.95
Daily Pivot Point S1 23.82
Daily Pivot Point S2 23.51
Daily Pivot Point S3 23.28
Daily Pivot Point R1 24.36
Daily Pivot Point R2 24.59
Daily Pivot Point R3 24.91

 

 

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