Silver Price Analysis: XAG/USD flat despite bullish candlestick pattern on the weekly chart

Silver is trading mostly unchanged on the day near $25.44 per ounce at press time. 

The semi-precious metal is struggling to gather upside traction, marking a weak follow-through to the bullish outside week candle created in the five days to Jan. 22. 

A bullish outside week occurs when an asset sees more volatility than the previous week and ends the period with gains. In Silver's case, the bullish outside week appeared following a two-week drop and indicates a reversal higher. 

So far, however, the buyers have remained elusive. Chart-driven traders could be waiting for a confirmation of reversal higher in the form of a convincing move above the past week's high of $26.04. That would open the doors to $27.92 (high seen earlier this month). 

On the downside, the previous week's low of $24.06 is the level to beat for the sellers. 

Weekly chart

Trend: Bullish

Technical levels


Today last price 25.46
Today Daily Change 0.10
Today Daily Change % 0.39
Today daily open 25.36
Daily SMA20 25.95
Daily SMA50 25.05
Daily SMA100 24.85
Daily SMA200 22.58
Previous Daily High 25.77
Previous Daily Low 25.16
Previous Weekly High 26.05
Previous Weekly Low 24.19
Previous Monthly High 27.41
Previous Monthly Low 22.59
Daily Fibonacci 38.2% 25.4
Daily Fibonacci 61.8% 25.54
Daily Pivot Point S1 25.09
Daily Pivot Point S2 24.83
Daily Pivot Point S3 24.49
Daily Pivot Point R1 25.7
Daily Pivot Point R2 26.04
Daily Pivot Point R3 26.3



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