- Silver price pokes 50-DMA as traders reverse latest gains.
- Monthly support line adds to the downside filters.
- MACD, RSI hints at receding bullish bias, $18.30 appears a tough nut to crack for sellers.
Silver price (XAG/USD) remains pressured around $19.30 while reversing the previous day’s upside momentum heading into Thursday’s European open. In doing so, the bright metal pokes the 50-DMA support while reversing from the downward-sloping resistance line from early June.
Not only the pullback from the key resistance line but the recent retreat of the RSI and the MACD line also keeps the XAG/USD sellers hopeful.
However, an upward sloping support line from September 01, around $19.20, could act as an extra challenge for the metal bears, in addition to the 50-DMA support of $19.30.
In a case where the quote breaks the $19.20 support, a quick fall towards the $19.00 can’t be ruled out.
Following that, a horizontal support area comprising multiple levels marked since mid-July, near $18.30-25, could act as the last defense of silver buyers.
Alternatively, recovery moves need to cross the aforementioned resistance line, at $19.90 by the press time, to convince buyers.
Even so, the monthly high near the $20.00 threshold and the previous month’s peak of $20.87 could challenge the XAG/USD upside afterward.
Silver: Daily chart
Trend: Further downside expected
Additional important levels
|Today last price||19.36|
|Today Daily Change||-0.21|
|Today Daily Change %||-1.07%|
|Today daily open||19.57|
|Previous Daily High||19.92|
|Previous Daily Low||19.24|
|Previous Weekly High||20.02|
|Previous Weekly Low||18.78|
|Previous Monthly High||20.88|
|Previous Monthly Low||17.94|
|Daily Fibonacci 38.2%||19.66|
|Daily Fibonacci 61.8%||19.5|
|Daily Pivot Point S1||19.23|
|Daily Pivot Point S2||18.9|
|Daily Pivot Point S3||18.55|
|Daily Pivot Point R1||19.91|
|Daily Pivot Point R2||20.26|
|Daily Pivot Point R3||20.59|
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