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

Today last price 25.34
Today Daily Change -0.12
Today Daily Change % -0.47%
Today daily open 25.46
Daily SMA20 25.91
Daily SMA50 25.07
Daily SMA100 24.84
Daily SMA200 22.63
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



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