Silver Price Analysis: XAG/USD remains on the defensive, $25.00 holds the key for bulls

Silver witnessed some selling on Friday and snapped two successive days of the winning streak.
Bulls struggled to capitalize on this week’s rebound and faced rejection near the 200-hour SMA.
Sustained weakness below the $24.85 area is needed to support prospects for additional losses.

Haresh Menghani FXStreet

Silver edged lower on Friday and snapped two days of the winning streak, through the intraday downtick lacked follow-through selling. The XAU/USD remained on the defensive through the first half of the European session and was last seen trading around the $25.25-$25.30 region, down 0.40% for the day.

From a technical perspective, this week's goodish rebound from the $24.45 area faltered near the 200-hour SMA. The mentioned barrier, currently around mid-$25.00s, should act as a pivotal point, which if cleared decisively should set the stage for a further near-term appreciating move for the XAG/USD.

The momentum could then push spot prices beyond the $25.75-$25.80 intermediate hurdle and allow bulls to aim back to reclaim the $26.00 mark. The next relevant resistance is pegged near the $26.40 region, above which the XAG/USD could climb further towards the $27.00 round figure en-route mid-$27.00s.

On the flip side, the key $25.00 psychological mark, closely followed by the $24.85 region now seems to protect the immediate downside ahead of the $24.45 area amid slightly bullish oscillators. Some follow-through selling would make the XAG/USD vulnerable to accelerate the slide to test sub-$24.00 levels.

Silver 1-hour chart

Key levels to watch

XAG/USD

Overview
Today last price	25.27
Today Daily Change	-0.11
Today Daily Change %	-0.43
Today daily open	25.38

Trends
Daily SMA20	25.05
Daily SMA50	23.95
Daily SMA100	23.62
Daily SMA200	24.01

Levels
Previous Daily High	25.54
Previous Daily Low	25.01
Previous Weekly High	26.95
Previous Weekly Low	25.29
Previous Monthly High	25.62
Previous Monthly Low	22.01
Daily Fibonacci 38.2%	25.34
Daily Fibonacci 61.8%	25.21
Daily Pivot Point S1	25.08
Daily Pivot Point S2	24.78
Daily Pivot Point S3	24.55
Daily Pivot Point R1	25.61
Daily Pivot Point R2	25.84
Daily Pivot Point R3	26.15

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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