Silver Price Analysis: XAG/USD flirts with 50 DMA/50% Fibo. resistance-turned-support

Silver witnesses some selling for the second straight day and moves away from a multi-week high.
The technical set-up still seems tilted in favour of bulls and supports prospects for additional gains.
A sustained break below the $19.20 region is needed to negate the near-term constructive outlook.

Haresh Menghani FXStreet

Silver edges lower for the second successive day and retreats further from a six-week peak touched on Monday. The white metal remains depressed through the early European session on Wednesday and is currently placed near a two-day low, around the $20.40-$20.35 region.

The aforementioned area marks confluence support, comprising the 50-day SMA and the 50% Fibonacci retracement level of the $22.52-$18.15 downfall. A convincing break below could prompt some technical selling and drag the XAG/USD back towards the $20.00 psychological mark.

The latter should act as a pivotal point, which if broken decisively would make the XAG/USD vulnerable. Some follow-through selling below the $19.80-$19.75 region (38.2% Fibo. level) would reaffirm the negative bias and expose the 23.6% Fibo. level, around the $19.20 zone.

This is followed by the $19.00 round-figure mark, below which the XAG/USD could accelerate the downfall towards the next relevant support near the $18.40 area. Spot prices could eventually drop to challenge the YTD low, around the $18.15 region touched on July 14.

On the flip side, the $20.65-$20.70 zone now seems to act as an immediate resistance ahead of the 61.8% Fibo. level, around the $20.85 region, and the $21.00 mark. Sustained strength beyond would be seen as a fresh trigger for bullish traders and pave the way for additional gains.

The subsequent move up has the potential to lift the XAG/USD towards an intermediate resistance near the $21.40-$21.50 area en route to the 100-day SMA, currently around the $21.85 region, and the $22.00 round-figure mark.

Silver daily chart

Key levels to watch

XAG/USD

Overview
Today last price	20.4
Today Daily Change	-0.13
Today Daily Change %	-0.63
Today daily open	20.53

Trends
Daily SMA20	19.4
Daily SMA50	20.32
Daily SMA100	21.89
Daily SMA200	22.76

Levels
Previous Daily High	20.74
Previous Daily Low	20.42
Previous Weekly High	20.51
Previous Weekly Low	19.55
Previous Monthly High	20.37
Previous Monthly Low	18.15
Daily Fibonacci 38.2%	20.54
Daily Fibonacci 61.8%	20.62
Daily Pivot Point S1	20.38
Daily Pivot Point S2	20.23
Daily Pivot Point S3	20.05
Daily Pivot Point R1	20.71
Daily Pivot Point R2	20.89
Daily Pivot Point R3	21.04

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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