Silver Price Analysis: XAG/USD prints three-day losing streak above $24.00


  • Silver prices lack upside momentum following its pullback from $26.20.
  • Lower high, overbought RSI keeps the sellers hopeful, $23.30 acts as immediate support.
  • Fresh upside past-$26.20 will aim for the early-April, 2013 top.

Silver prices ease to $24.22, down 0.37% on a day, during the initial trading session on Thursday. The white metal has been stepping backward from ever since it surged to the highest since in seven years on Tuesday. Also increasing the odds of the bullion’s further weakness is overbought RSI conditions and a short-term lower high pattern. Though, bullish MACD keeps restricting the bears’ entries.

As a result, sellers are likely to wait for further confirmation and may cheer downside break of $24.00 to aim for $23.30, comprising Wednesday’s low and last Thursday's high. Following that, lows marked on Tuesday and July 23 could challenge further declines around $22.30/25.

In a case where the quote remains weak past-$22.25, an ascending trend line from April 14, at $21.55 now, will be in the spotlight.

Meanwhile, $25 and $26.00 may offer immediate upside barriers during the metal’s fresh rise ahead of the latest multi-year high of $26.20.

If the bulls remain dominant past-$26.20, low of April 04, 2013, around $26.65 will become the buyers’ favorite.

Silver daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 24.22
Today Daily Change -0.09
Today Daily Change % -0.37%
Today daily open 24.31
 
Trends
Daily SMA20 20.39
Daily SMA50 18.73
Daily SMA100 16.83
Daily SMA200 17.18
 
Levels
Previous Daily High 24.96
Previous Daily Low 23.31
Previous Weekly High 23.26
Previous Weekly Low 19.26
Previous Monthly High 18.39
Previous Monthly Low 16.95
Daily Fibonacci 38.2% 23.94
Daily Fibonacci 61.8% 24.33
Daily Pivot Point S1 23.43
Daily Pivot Point S2 22.55
Daily Pivot Point S3 21.79
Daily Pivot Point R1 25.07
Daily Pivot Point R2 25.84
Daily Pivot Point R3 26.72

 

 

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