Silver Price Analysis: XAG/USD prints rising wedge on hourly chart above $27.00


  • Silver prices stay sluggish after stepping back from $27.62.
  • The bearish chart pattern joins downbeat MACD signals to keep sellers hopeful.
  • 200-hour EMA adds to the downside support around $27.00.

Silver treads water around $27.10 ahead of Wednesday’s Tokyo open. In doing so, the white metal sellers attack the support line of the one-week-old bearish formation, rising wedge, amid red signals by the MACD.

Other than the lower line of the downbeat chart play, 200-hour EMA also signifies the $27.00 threshold as the key support.

Hence, a downside break of $27.00 will quickly challenge the monthly low of $25.84. However, silver traders may catch a breather around $26.60 and $26.40 during the fall.

Meanwhile, $27.30 and the recent high, also the weekly top, near $27.60 can entertain short-term buyers ahead of directing them to an ascending trend line from September 07, forming part of the bearish chart pattern, currently around $27.80.

Also acting as the upside barrier to the commodity’s run-up towards the monthly high of $28.90 are the $28.00 round-figures and $28.30.

Silver hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price 27.13
Today Daily Change 0.01
Today Daily Change % 0.04%
Today daily open 27.12
 
Trends
Daily SMA20 27.1
Daily SMA50 24.78
Daily SMA100 20.89
Daily SMA200 18.76
 
Levels
Previous Daily High 27.31
Previous Daily Low 26.68
Previous Weekly High 27.49
Previous Weekly Low 25.85
Previous Monthly High 29.86
Previous Monthly Low 23.44
Daily Fibonacci 38.2% 27.07
Daily Fibonacci 61.8% 26.92
Daily Pivot Point S1 26.76
Daily Pivot Point S2 26.41
Daily Pivot Point S3 26.13
Daily Pivot Point R1 27.39
Daily Pivot Point R2 27.66
Daily Pivot Point R3 28.02

 

 

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