Silver price Analysis: XAG/USD retreats from 13-day-old resistance line below $21.00


  • Silver price struggles to extend recovery from four-month low, pares intraday gains during a three-day uptrend.
  • Failure to cross short-term resistance line, downside break of 200-SMA lure XAG/USD sellers.
  • Two-week-old horizontal support zone restricts immediate Silver price downside.

Silver price (XAG/USD) clings to mild gains around $20.60 as it probes the metal’s pullback from a short-term key resistance line during early Monday. Even so, the XAG/USD prints the three-day winning streak, as well as extends the previous day’s rebound from the lowest levels since November 04, 2022.

That said, the looming bear cross on the MACD joins the bullion’s inability to stay beyond the 200-SMA, not to forget the failure to cross a two-week-old resistance line, which keeps the Silver price bears hopeful.

As a result, the bullion remains on the way to retesting the two-week-old horizontal support zone, close to $20.40 at the latest. However, the metal’s further downside may witness hardships in breaking the $20.00 psychological magnet.

Following that, the monthly low of $19.95 and the November 2022 bottom surrounding $18.85 will be in focus.

On the contrary, recovery moves remain elusive unless the XAG/USD stays below the downward-sloping resistance line from late February, around $20.90 at the latest. Also acting as an upside filter is the $21.00 round figure.

In a case where the Silver buyers keep control past $21.00, the last week’s high of around $21.30 may act as the last defense of the XAG/USD bears.

Silver price: Hourly chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 20.6
Today Daily Change 0.07
Today Daily Change % 0.34%
Today daily open 20.53
 
Trends
Daily SMA20 21.13
Daily SMA50 22.52
Daily SMA100 22.2
Daily SMA200 20.94
 
Levels
Previous Daily High 20.79
Previous Daily Low 19.9
Previous Weekly High 21.31
Previous Weekly Low 19.9
Previous Monthly High 24.64
Previous Monthly Low 20.42
Daily Fibonacci 38.2% 20.45
Daily Fibonacci 61.8% 20.24
Daily Pivot Point S1 20.02
Daily Pivot Point S2 19.52
Daily Pivot Point S3 19.13
Daily Pivot Point R1 20.91
Daily Pivot Point R2 21.3
Daily Pivot Point R3 21.81

 

 

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