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

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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD falls toward 1.19 after robust US Nonfarm Payrolls data

EUR/USD is trading above 1.19 after dipping below that number in response to the US Nonfarm Payrolls, which showed an increase of 379K jobs in February. Higher yields in response to Powell are keeping the dollar bid.

EUR/USD News

GBP/USD recovers after post-NFP dip below 1.38

GBP/USD is trading above 1.38 bus till down the day. The US gained 379.000 jobs, roughly double than expected and supporting the dollar. The Senate's stimulus debate is eyed.

GBP/USD News

XAU/USD battles 1700 level

Gold is staging a rebound toward $1,700 amid proift-taking ahead of the weekend but remains on track to close the third straight week in the negative territory.

Gold News

Ethereum price primed for a swift recovery as the network prepares for a major update in July

Ethereum price aims for a significant recovery towards $2,000. A major upgrade scheduled for July intends to fix the problem with gas fees on Ethereum. ETH miners are not happy with the decision.

Read more

US Dollar Index pushes higher to 92.20 on stellar Payrolls

The march north in the greenback remains unabated and trade in fresh 2021 highs beyond the 92.00 hurdle when tracked by the US Dollar Index (DXY).

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures