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
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.
