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

Omkar Godbole FXStreet Contributor

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

XAG/USD

Overview
Today last price	25.46
Today Daily Change	0.10
Today Daily Change %	0.39
Today daily open	25.36

Trends
Daily SMA20	25.95
Daily SMA50	25.05
Daily SMA100	24.85
Daily SMA200	22.58

Levels
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

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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