Silver Price Analysis: XAG/USD pulls back from key hurdle to revisit sub-$26.00 area


  • Silver stays heavy near recently flashed three-day low.
  • 100-bar SMA, multiple levels marked since late-December probe the bulls.
  • 200-bar SMA, weekly support lure the silver sellers.

Silver remains offered near the intraday low of $25.60, currently down 1.1% near $25.70, during Friday’s Asian session. In doing so, the white metal justifies its pullback from the key $25.90-$26.00 resistance area while probing Wednesday’s low.

Considering the quote’s sustained reversal from multiple highs and lows marked since December 27, as well as 100-bar SMA, coupled with the downward sloping RSI, silver prices are likely to remain pressured.

However, a confluence of 200-bar SMA and an upward sloping trend line from Monday, near $25.53-48, will offer a tough fight to the commodity sellers.

If at all the bullion bears dominate past-$25.48, the monthly low of $24.18 will should return to the charts. During the fall, the $25.00 can offer an intermediate halt.

On the flip side, a clear run-up past-$26.00 will direct silver buyers toward a one-month-old horizontal resistance near $26.75.

It should, however, be noted that the silver bull’s ability to conquer the $26.75 hurdle enables them to refresh the monthly peak beyond $27.92.

Silver four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 25.7
Today Daily Change -0.28
Today Daily Change % -1.08%
Today daily open 25.98
 
Trends
Daily SMA20 26.01
Daily SMA50 25.02
Daily SMA100 24.88
Daily SMA200 22.47
 
Levels
Previous Daily High 26.05
Previous Daily Low 25.64
Previous Weekly High 25.89
Previous Weekly Low 24.34
Previous Monthly High 27.41
Previous Monthly Low 22.59
Daily Fibonacci 38.2% 25.89
Daily Fibonacci 61.8% 25.8
Daily Pivot Point S1 25.73
Daily Pivot Point S2 25.48
Daily Pivot Point S3 25.32
Daily Pivot Point R1 26.14
Daily Pivot Point R2 26.3
Daily Pivot Point R3 26.54

 

 

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