Silver Price Analysis: XAG/USD keeps smashing through the resistance zones

Silver is trading 6.69% higher as precious metals soar.
The price smashed through the resistance area at USD 21.13 per ounce.

Rajan Dhall, MSTA FX Daily

XAG/USD daily chart

The precious metals have been off the charts recently and silver has been the pick of the bunch. The push higher has seen the metal break yet another resistance zone and it now trades 6.69% higher on Tuesday. The bottom of the 2011 consolidation area is USD 26.11 and this could be the big target for the bulls. The all-time high is still some way off at USD 49.83 per ounce.

Looking closer at the chart below, the price took the previous wave high of USD 19.65 per ounce. Just now the red resistance zone has been broken but we should wait for the daily close to see if the price can hold the break. The indicators are looking very bullish too. The MACD histogram is firmly green and the signal lines are about the mid-zone too. The Relative Strength Index is also in a very positive area above 70. It is looking slightly oversold but this can happen with the indicator.

XAG/USD monthly chart

The monthly chart really highlights the major levels. The black resistance zone at USD 26.17 per ounce looks very firm. The bulls look set to try and target that level and there could be some resistance. The Indicators are still positive very much like on the daily chart above but the Relative Strength Index has way more room on the monthly.

Additional levels

XAG/USD

Overview
Today last price	21.29
Today Daily Change	1.38
Today Daily Change %	6.93
Today daily open	19.91

Trends
Daily SMA20	18.49
Daily SMA50	17.78
Daily SMA100	16.4
Daily SMA200	16.98

Levels
Previous Daily High	19.92
Previous Daily Low	19.26
Previous Weekly High	19.48
Previous Weekly Low	18.7
Previous Monthly High	18.39
Previous Monthly Low	16.95
Daily Fibonacci 38.2%	19.67
Daily Fibonacci 61.8%	19.51
Daily Pivot Point S1	19.47
Daily Pivot Point S2	19.03
Daily Pivot Point S3	18.8
Daily Pivot Point R1	20.13
Daily Pivot Point R2	20.36
Daily Pivot Point R3	20.8

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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