Silver Price Analysis: XAG/USD portrays a choppy range above $25.00


  • Silver trims early Asian losses while bouncing off $25.24.
  • Two-month-old rising trend line, 50-day SMA restricts immediate downside.
  • 21-day SMA joins bearish MACD to guard upside momentum.

Silver prices pick up bids around $25.35, down 0.50% intraday, while trying to recover during early Wednesday. In doing so, the white metal bounces off an ascending trend line from November 30. However, bearish MACD and 21-day SMA can challenge the corrective pullback.

Hence, the present bounce can refresh the weekly top, above the current $25.77, but 21-day SMA near $25.88, followed by the $26.00 will stop probe the silver bulls afterward.

Alternatively, a downside break of the stated support line, at $25.25 now, will have to break below the 50-day SMA level of $25.09 and the $25.00 round-figure to convince sellers.

While an upside break of $26.00 can eye the monthly top of $27.92, with $26.60-65 acting as an intermediate halt, the commodity’s declines below $25.00 will not hesitate to refresh the monthly bottom of $24.18.

To sum up, silver prices are flashing mixed signals, despite gradually recovering, ahead of the key Federal Reserve meeting.

Read: Fed Preview: Fearing market froth or boosting Biden's stimulus? Three scenarios

Silver daily chart

Trend: Sideways

Additional important levels

Overview
Today last price 25.34
Today Daily Change -0.12
Today Daily Change % -0.47%
Today daily open 25.46
 
Trends
Daily SMA20 25.91
Daily SMA50 25.07
Daily SMA100 24.84
Daily SMA200 22.63
 
Levels
Previous Daily High 25.66
Previous Daily Low 25.2
Previous Weekly High 26.05
Previous Weekly Low 24.19
Previous Monthly High 27.41
Previous Monthly Low 22.59
Daily Fibonacci 38.2% 25.48
Daily Fibonacci 61.8% 25.37
Daily Pivot Point S1 25.22
Daily Pivot Point S2 24.98
Daily Pivot Point S3 24.76
Daily Pivot Point R1 25.68
Daily Pivot Point R2 25.9
Daily Pivot Point R3 26.14

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD struggles around 1.21 amid sour market mood

EUR/USD has extended its falls and struggles around 1.21 as the risk-off mood and elevated US bond yields favor the dollar. President Biden's stimulus bill ran into a snag. The Fed's preferred inflation measure and end-of-month flows are eyed.

EUR/USD News

Gold melts below $1,750, lowest in 8 months amid high Treasury yields

Gold (XAU/USD) has been extending its downfall as elevated bond yields make the precious metal – which provides no returns – less attractive.

Gold news

S&P 500 Day Ahead Outlook: Inflation fears see bears back bashing

An ugly day for stock markets on Thursday as the dirty word inflation reared its head again. Just when you thought Powell had killed off the thought, it came back stronger in the sequel!

Read more

Bitcoin ready for bullish continuation as crypto bull cycle pauses

Bitcoin retest support at $45,000 after failing to break the resistance at $52,000. A break above the range between $48,000 and $49,500 will bring back a bullish impulse.

Read more

US Dollar Index remains firm around 90.60 post-data

The US Dollar Index (DXY), which gauges the buck vs. a basket of its main rivals, keeps the bid tone unchanged around 90.60 on Friday.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures