- Silver prices dived more than 2% on Monday as US Treasury yields gained traction.
- Silver Price Analysis: In consolidation, though appears to be peaking around $24.00.
Silver prices appear to have peaked following Monday’s price action, with the white metal unable to hold to the $24.00 figure, collapsing as low as $22.76, beneath the 50-day Exponential Moving Average (EMA) at $22.93, though trimmed some of its earlier losses. Nevertheless, the XAG/USD is still down 2%, exchanging hands at $23.44.
Silver Price Analysis: XAG/USD Technical Outlook
XAG/USD prices, throughout Monday’s session, have been trading in a wide range but reclaimed a 22-day upslope support trendline that passes around $23.30. Although it erased some of its earlier losses, the XAG/USD has fallen short of reclaiming the 20-day Exponential Moving Average (EMA) at $23.67. Therefore, Silver would consolidate around the $23.30-$24.00 area unless it cracks the top/bottom of the range.a breach of the day’s high of $24.15 would put into play the YTD high of $24.54 and the psychological $25.00 mark.
As an alternative scenario, the XAG/USD first support would be $23.00. Once cleared, the XAG/USD next support would be the 50-day EMA at $22.93, followed by the 100-day EMA at $22.05.
Oscillator-wise, the Relative Strength Index (RSI) crossed below its 50-midline, so further downside is expected, while the Rate of Change (RoC) suggests that buyers stepped in around Wall Street’s close.
Therefore, the XAG/USD remains neutral biased in the near term.
Silver Key Technical Levels
|Today last price||23.45|
|Today Daily Change||-0.49|
|Today Daily Change %||-2.05|
|Today daily open||23.94|
|Previous Daily High||24.08|
|Previous Daily Low||23.71|
|Previous Weekly High||24.51|
|Previous Weekly Low||23.17|
|Previous Monthly High||24.3|
|Previous Monthly Low||22.03|
|Daily Fibonacci 38.2%||23.94|
|Daily Fibonacci 61.8%||23.85|
|Daily Pivot Point S1||23.74|
|Daily Pivot Point S2||23.54|
|Daily Pivot Point S3||23.36|
|Daily Pivot Point R1||24.11|
|Daily Pivot Point R2||24.28|
|Daily Pivot Point R3||24.48|
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