Silver Price Analysis: XAG/USD is testing a key resistance level at $28.50 per ounce

Silver is trading 2.85% higher on Monday following two previous 4-hour bullish closes.
There is a resistance level at USD 28.50 per ounce that could be taken out.

Rajan Dhall, MSTA FX Daily

Silver 4-hour price chart

Silver has moved higher at the beginning of the week as the dollar struggles once again. In terms of metals, silver leads the charge today closely followed by palladium which trades 2% higher. Leading into the rest of the week, Friday's NFP data will be an important event that could inspire some volatility.

Looking at the 4-hour chart, the price looks to be heading to test the next resistance at USD 28.50 per troy ounce. A break if this level could mean that the recent high of USD 29.85 per ounce might be the target for the bulls. If this fails then USD 26.16 per ounce has been a big thorn in the side for the bears as it is a very stubborn support zone. The market tried to break the level six times on this chart alone.

The indicators are both positive at the moment as the MACD histogram and signal lines are above zero. The Relative Strength Index is near the positive overbought area but there is still some space for a move higher.

Overall the trend is still a positive one. If the aforementioned USD 28.50 per ounce level breaks then a push for the high on the chart is the obvious target.

Additional levels

XAG/USD

Overview
Today last price	28.35
Today Daily Change	0.87
Today Daily Change %	3.17
Today daily open	27.48

Trends
Daily SMA20	26.95
Daily SMA50	22.75
Daily SMA100	19.58
Daily SMA200	18.2

Levels
Previous Daily High	27.72
Previous Daily Low	26.84
Previous Weekly High	27.93
Previous Weekly Low	26.06
Previous Monthly High	26.21
Previous Monthly Low	17.76
Daily Fibonacci 38.2%	27.38
Daily Fibonacci 61.8%	27.18
Daily Pivot Point S1	26.97
Daily Pivot Point S2	26.47
Daily Pivot Point S3	26.09
Daily Pivot Point R1	27.85
Daily Pivot Point R2	28.23
Daily Pivot Point R3	28.73

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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