Silver Price Analysis: XAG/USD off session highs, focus on daily close

Silver has pulled back from $29.86 to $29.
The long upper wick attached to daily candle now shows uptrend exhaustion.

Omkar Godbole FXStreet Contributor

Silver is currently trading at $29 per ounce, having printed a 7.5-year high of $29.86 during the early Asian trading hours.

The daily candle now has a long upper wick. If prices suffer a deeper drop or remain unchanged till Friday’s close, a daily candle with a long upper shadow – a sign of uptrend exhaustion – will be confirmed.

That would validate overbought readings on the daily chart indicators like the relative strength index and slow stochastics and could yield a notable price pullback.

That said, the overall bias would remain bullish as long as prices are held above the former resistance-turned-support of $26.20 (July 28 high).

Daily chart

Trend: Teasing bull exhaustion

Technical levels

XAG/USD

Overview
Today last price	28.98
Today Daily Change	0.03
Today Daily Change %	0.10
Today daily open	28.95

Trends
Daily SMA20	22.6
Daily SMA50	19.75
Daily SMA100	17.53
Daily SMA200	17.42

Levels
Previous Daily High	29.08
Previous Daily Low	26.8
Previous Weekly High	26.21
Previous Weekly Low	22.32
Previous Monthly High	26.21
Previous Monthly Low	17.76
Daily Fibonacci 38.2%	28.21
Daily Fibonacci 61.8%	27.67
Daily Pivot Point S1	27.47
Daily Pivot Point S2	26
Daily Pivot Point S3	25.19
Daily Pivot Point R1	29.76
Daily Pivot Point R2	30.56
Daily Pivot Point R3	32.04

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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