Silver Price Analysis: XAG/USD seems poised to test $25.55-60 area

  • Silver attracted some dip-buying on Monday and recovered a part of its intraday losses.
  • The technical set-up favours bullish traders and supports prospects for additional gains.

Silver edged lower on the first day of the week, though the downtick showed some resilience below the 50% Fibonacci level of the $28.75-$21.42 downfall. The white metal has now recovered a major part of its intraday losses and was last seen trading around the $25.20 region, just below the highest level since August 5 touched on Friday.

The emergence of some dip-buying at lower levels comes on the back of last week's sustained breakout through 100-day SMA/38.2% Fibo. confluence barrier and the $24.50 supply zone. A subsequent move beyond the 50% Fibo. level, around the key $25.00 psychological mark, favours bullish traders and supports prospects for further gains.

The positive outlook is reinforced by bullish oscillators on the daily chart, which area still far from being in the overbought zone. Hence, some follow-through move towards the $25.55-60 region, en-route the $26.00 mark, remains a distinct possibility. The latter coincides with the 61.8% Fibo. level and should act as a strong barrier for the XAG/USD.

On the flip side, any meaningful corrective pullback might continue to attract some dip-buying and remain limited near the $24.50 resistance breakpoint. Failure to defend the mentioned support could prompt some technical selling and turn the XAG/USD vulnerable to accelerate the corrective pullback towards the $24.00 round-figure mark.

Silver daily chart


Technical levels to watch


Today last price 25.23
Today Daily Change -0.07
Today Daily Change % -0.28
Today daily open 25.3
Daily SMA20 24.17
Daily SMA50 23.46
Daily SMA100 24.16
Daily SMA200 25.37
Previous Daily High 25.39
Previous Daily Low 24.85
Previous Weekly High 25.39
Previous Weekly Low 24.03
Previous Monthly High 24.83
Previous Monthly Low 22
Daily Fibonacci 38.2% 25.18
Daily Fibonacci 61.8% 25.06
Daily Pivot Point S1 24.97
Daily Pivot Point S2 24.64
Daily Pivot Point S3 24.43
Daily Pivot Point R1 25.51
Daily Pivot Point R2 25.72
Daily Pivot Point R3 26.05



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD trades above 1.1300 after US data

EUR/USD trades in the upper half of its daily range around 1.1330 in the early American session on Thursday. The data from the US showed that the weekly Initial Jobless Claims increased to 222K from 194K but market participants paid no attention to this reading ahead of Friday's November jobs report.


GBP/USD clings to modest recovery gains above 1.3300

GBP/USD is edging higher toward 1.3330 in the second half of the day on Thursday as the greenback stays under modest selling pressure. The US Department of Labor reported that there were 222,000 initial claims for unemployment benefits last week.


Gold struggles near one-month low, around $1,770 region

The Fed's hawkish outlook prompted fresh selling around gold on Thursday. With the benchmark 10-year US Treasury bond yield rising more than 1% on the day, gold stays deep in the red around $1,770.

Gold News

ETH outperforming its peers, BTC struggles and XRP bearish

BTC refrains from making new highs as Tuesday’s gap-fill kills uptrend continuation. ETH outpaces its peers by barely hitting new highs. XRP price again looking for direction as investors interest wanes.

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!