Silver Price Analysis: XAG/USD sellers attack 100-SMA to keep reins below $26


  • Silver takes offers to refresh intraday low, prints four-day downtrend.
  • Sustained break of monthly support line, downbeat RSI favor sellers.
  • Three-week-old horizontal support, 200-SMA test the bears, falling trend line from April 21 adds to the upside filters.

Silver extends the last week’s downside break of the monthly support line, now resistance, while taking offers near $25.80, down 0.22% intraday, during Monday’s Asian session.

Although 100-SMA tests silver bears, for now, a downward sloping RSI line and a clear break of the previous key support signal further decline of the white metal.

It should, however, be noted that early April highs around $25.60, quickly followed by a 200-SMA level of $25.50, guards the quote’s short-term downside.

Meanwhile, corrective pullback needs not only a clear run-up beyond the previous support line around $26.25 but also a break of descending resistance line from April 21, near $26.35, to recall silver buyers.

Following that, the previous month’s top around $26.65 and the $27.00 will be the key to watch.

Silver four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 25.87
Today Daily Change -0.05
Today Daily Change % -0.19%
Today daily open 25.92
 
Trends
Daily SMA20 25.72
Daily SMA50 25.87
Daily SMA100 26.01
Daily SMA200 25.55
 
Levels
Previous Daily High 26.2
Previous Daily Low 25.8
Previous Weekly High 26.48
Previous Weekly Low 25.71
Previous Monthly High 26.64
Previous Monthly Low 24.25
Daily Fibonacci 38.2% 25.95
Daily Fibonacci 61.8% 26.04
Daily Pivot Point S1 25.75
Daily Pivot Point S2 25.58
Daily Pivot Point S3 25.36
Daily Pivot Point R1 26.14
Daily Pivot Point R2 26.37
Daily Pivot Point R3 26.54

 

 

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 struggles around 1.19 amid Fed-fueled dollar strength

EUR/USD is under pressure around 1.19, as the dollar remains on the offensive following the Federal Reserve's hawkish decision on Wednesday. The bank is set to debate cutting down its bond buys and signaled raising rates sooner than anticipated. 

EUR/USD News

GBP/USD tumbles below 1.39 on weak UK data, dollar strength

GBP/USD has been extending its decline, sliding under 1.39. UK retail sales disappointed with -1.4% in May and the rapid spread of the Delta variant in the UK is also weighing on sterling. The US dollar remain robust after the Fed's hawkish decision.

GBP/USD News

GBP/USD tumbles below 1.39 on weak UK data, dollar strength

GBP/USD has been extending its decline, sliding under 1.39. UK retail sales disappointed with -1.4% in May and the rapid spread of the Delta variant in the UK is also weighing on sterling. The US dollar remain robust after the Fed's hawkish decision.

GBP/USD News

Ripple fears of a major decline are unwarranted

XRP price remains locked in a range between the psychologically important $1.00 and the neckline of a multi-year inverse head-and-shoulders pattern at $0.76. However, a lack of technical clues leaves frothy forecasts on the sideline until directional confirmation can be gleaned from the charts.

Read more

Where next for markets after the Fed shocker

The Fed surprised markets with an abrupt hawkish shift that has triggered substantial volatility in currency markets. Valeria Bednarik and Yohay Elam explain the surprise, discuss technical level, the next moves in FX and beyond.

Read more

Forex MAJORS

Cryptocurrencies

Signatures