Silver Price Analysis: XAG/USD retreats towards $25.00 but bulls keep reins

Silver pares weekly gains after two-day downtrend but stays above key supports.
One-month-old ascending trend line, 200-DMA restricts short-term downside.
Horizontal area from June, 61.8% Fibonacci retracement challenge buyers.
MACD, sustained trading beyond the key levels keep buyers hopeful.

Anil Panchal FXStreet

Silver (XAG/USD) remains pressured towards $25.00 amid the early Asian session on Friday, after a two-day losing streak.

Even so, the metal buyers stay positive as MACD flashes bullish signals as the prices are way beyond the short-term key supports.

That said, the latest pullback from a horizontal area from June 21, 2021, around $25.50-55, directs the silver sellers towards a 50% Fibonacci retracement (Fibo.) level of May-September 2021 downside near $25.00.

However, an upward sloping support line from early February and the 200-DMA, respectively around $24.50 and $24.10, will challenge XAG/USD downside afterward.

In a case where silver prices drop below $24.10, odds of witnessing further declines towards the latest 2021 peak near $23.40 and then to the $23.00 threshold can’t be ruled out.

Alternatively, recovery moves need to cross the immediate horizontal area near $25.50-55 before challenging the 61.8% Fibo. level close to $26.00.

Following that, July 2021 high near $26.80 should lure the silver buyers.

Silver: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	25.18
Today Daily Change	-0.09
Today Daily Change %	-0.36%
Today daily open	25.27

Trends
Daily SMA20	23.81
Daily SMA50	23.37
Daily SMA100	23.44
Daily SMA200	24.14

Levels
Previous Daily High	25.52
Previous Daily Low	24.86
Previous Weekly High	25.62
Previous Weekly Low	23.7
Previous Monthly High	25.62
Previous Monthly Low	22.01
Daily Fibonacci 38.2%	25.11
Daily Fibonacci 61.8%	25.27
Daily Pivot Point S1	24.91
Daily Pivot Point S2	24.56
Daily Pivot Point S3	24.25
Daily Pivot Point R1	25.57
Daily Pivot Point R2	25.88
Daily Pivot Point R3	26.23

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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