Silver Price Analysis: XAG/USD retraces from 21-day EMA to attack $27.00


  • Silver prices probe intraday high after bouncing off the lowest since August 26.
  • An ascending trend line from July 17 grabs the buyers’ attention.
  • Sellers may eye 50-day EMA during the further declines.

Silver bucks the two-day downside while taking a U-turn from $26.38 to $26.89, up 1.08% on a day, during the early Friday. The white metal earlier slumped to a seven-day low before recovering from 21-day EMA.

Considering the normal RSI conditions and support of the near-term key EMA, the bullion is likely to extend its latest pullback towards regaining the seven-week-old ascending trend line, currently around $27.56. Though, $27.00 round-figures may offer an immediate upside barrier to the quote.

During the metal’s sustained rise past-$27.56, the monthly top around $28.90 will regain market attention.

Meanwhile, the daily closing below the 21-day EMA level of $26.64 may take rest at July month’s high of $26.20 before targeting the 50-day EMA level of $24.32.

If at all the sellers dominate past-$24.32, the 50% Fibonacci retracement level of June-August upside near $23.40 will be the key to watch.

Silver daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 26.82
Today Daily Change 0.22
Today Daily Change % 0.83%
Today daily open 26.6
 
Trends
Daily SMA20 27.16
Daily SMA50 23.54
Daily SMA100 20.07
Daily SMA200 18.41
 
Levels
Previous Daily High 27.72
Previous Daily Low 26.49
Previous Weekly High 27.93
Previous Weekly Low 26.06
Previous Monthly High 29.86
Previous Monthly Low 23.44
Daily Fibonacci 38.2% 26.96
Daily Fibonacci 61.8% 27.25
Daily Pivot Point S1 26.15
Daily Pivot Point S2 25.7
Daily Pivot Point S3 24.92
Daily Pivot Point R1 27.38
Daily Pivot Point R2 28.17
Daily Pivot Point R3 28.62

 

 

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