Silver Price Analysis: XAG/USD sellers attack $28.00 to Tuesday’s gravestone Doji


  • Silver refreshes intraday low, snaps four-day uptrend amid a quiet day.
  • Bearish candlestick at multi-day top backs further weakness below short-term key horizontal resistance.

Silver extends pullback from the multi-day top, flashed the previous day, while declining to $28.09, down 0.38% on a day during early Wednesday.

The white metal jumped to the highest since February 02 on Tuesday before reversing from $28.75. In doing so, the precious metal fails to provide a daily closing beyond the $28.30-35 horizontal hurdle, also portraying a bearish candlestick, gravestone Doji, on the daily chart.

Given the trend reversal suggesting candlestick near multi-day high, followed by a daily closing below the key hurdle, silver may witness further downside towards retesting the early month top near $27.88.

However, the quote’s weakness past-$27.88 will be tested by an ascending support line from March 31, around $26.90.

Meanwhile, the $28.30-35 area guards the bullion’s short-term upside ahead of the previous day‘s high near $28.75 and the $29.00 threshold.

Should silver buyers keep the reins beyond $29.00, the yearly peak surrounding the $30.00 psychological magnet will be in the spotlight.

Silver daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 28.11
Today Daily Change -0.08
Today Daily Change % -0.28%
Today daily open 28.19
 
Trends
Daily SMA20 26.84
Daily SMA50 26.02
Daily SMA100 26.24
Daily SMA200 25.65
 
Levels
Previous Daily High 28.75
Previous Daily Low 28.01
Previous Weekly High 27.88
Previous Weekly Low 26.72
Previous Monthly High 26.64
Previous Monthly Low 24.25
Daily Fibonacci 38.2% 28.47
Daily Fibonacci 61.8% 28.29
Daily Pivot Point S1 27.88
Daily Pivot Point S2 27.57
Daily Pivot Point S3 27.14
Daily Pivot Point R1 28.63
Daily Pivot Point R2 29.06
Daily Pivot Point R3 29.37

 

 

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