Silver Price Analysis: XAG/USD fades bounce off 50-SMA but bullish impulse remains intact


  • Silver steps back from intraday top, stays mildly bid.
  • Sustained trading above the key SMAs and trend line support favor silver buyers.
  • Bears need to conquer five-week-old horizontal support for conviction.

Silver (XAG/USD) consolidates the previous day’s heavy losses, the biggest since March 30, around $27.18, up 0.47% intraday, during early Thursday.

Even so, the bright metal eases from the intraday high while struggling to keep the rebound from 50-SMA.

Although downbeat RSI and challenges to market sentiment suggest further weakness of the commodity prices, 50-SMA level of $27.00 and an ascending support line from March 31, close to $26.50, restrict silver’s short-term downside.

Also acting as the strong filters to the south is 200-SMA near $25.85 and a horizontal line comprising early April tops and lows marked during late last month, near $25.60.

It should, however, be noted that the weekly resistance line surrounding $27.45-50 guards the metal’s immediate recovery moves.

If at all the silver bulls keep remains above $27.50, the monthly peak around $27.90 and the $28.00 round figure may test the quote’s further upside.

Silver four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 27.17
Today Daily Change 0.13
Today Daily Change % 0.48%
Today daily open 27.04
 
Trends
Daily SMA20 26.48
Daily SMA50 25.84
Daily SMA100 26.17
Daily SMA200 25.66
 
Levels
Previous Daily High 27.7
Previous Daily Low 26.96
Previous Weekly High 27.68
Previous Weekly Low 25.81
Previous Monthly High 26.64
Previous Monthly Low 24.25
Daily Fibonacci 38.2% 27.24
Daily Fibonacci 61.8% 27.41
Daily Pivot Point S1 26.76
Daily Pivot Point S2 26.49
Daily Pivot Point S3 26.02
Daily Pivot Point R1 27.51
Daily Pivot Point R2 27.97
Daily Pivot Point R3 28.25

 

 

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