- XAG/USD is under pressure after breaking short-term support levels during the American session.
- The metal is under pressure, approaching the $23.00 level.
- US Dollar mixed as equity prices rises modestly.
Silver is under pressure during Wednesday’s American session, trading at the lowest level since Friday, near $23.20. The white metal is falling by 1.25%, getting closer to January lows.
Earlier on Wednesday, XAG/USD reached levels above $24.00 but it was rejected and started to move lower. The decline gained speed during the American session and after breaking short-term horizontal and dynamic supports.
Silver price is back under the 20-day Simple Moving Average (SMA), today at $23.60. The mentioned SMA is turning south, suggesting some exhaustion to the upside. The short-term bias is turning to the downside. All could change it XAG/USD manages to rise and hold above $24.00, particularly with a daily close above $24.20.
On the downside, the next target is at the January low at $23.10. Below $23.00 the next support level is seen at $22.80.
Silver Daily chart
Silver 4-hour chart
|Today last price||23.33|
|Today Daily Change||-0.29|
|Today Daily Change %||-1.23|
|Today daily open||23.62|
|Previous Daily High||23.77|
|Previous Daily Low||23.43|
|Previous Weekly High||24.55|
|Previous Weekly Low||23.12|
|Previous Monthly High||24.3|
|Previous Monthly Low||22.03|
|Daily Fibonacci 38.2%||23.56|
|Daily Fibonacci 61.8%||23.64|
|Daily Pivot Point S1||23.45|
|Daily Pivot Point S2||23.27|
|Daily Pivot Point S3||23.1|
|Daily Pivot Point R1||23.79|
|Daily Pivot Point R2||23.95|
|Daily Pivot Point R3||24.13|
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