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

Today last price 28.11
Today Daily Change -0.08
Today Daily Change % -0.28%
Today daily open 28.19
Daily SMA20 26.84
Daily SMA50 26.02
Daily SMA100 26.24
Daily SMA200 25.65
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



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 retreats below 1.1300 area as NFP-inspired dollar weakness fades

EUR/USD jumped to a daily high of 1.1333 with the initial market reaction to the disappointing November Nonfarm Payrolls data but quickly returned below 1.1300. Rising US Treasury bond yields seem to be helping the dollar stay resilient against its major rivals. 


GBP/USDdrops to 1.3250 area as dollar regains strength

GBP/USD spiked above 1.3300 in the early American session with the initial market reaction to the gloomy US November jobs report. However, the greenback regathered strength on hawkish Fed commentary and forced the pair to turn south.


Gold struggles to capitalize on weak NFP data, holds near $1,770

Gold spiked to a daily high near $1,780 with the initial market reaction to the disappointing Nonfarm Payrolls data from the US but seems to be having a difficult time preserving its bullish momentum with the 10-year US T-bond yield staying resilient.

Gold News

The bull and the bear case for BTC

Bitcoin price saw a bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. Bitcoin is likely to experience massive volatility as the situation resolves over time. 

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!