Silver Price Analysis: XAG/USD sellers cheer break of three-month-old support line around $26.00

  • Silver drops to the lowest since January 28.
  • Downward sloping RSI, support break favor silver sellers.
  • Medium-term support line, 100-day SMA challenge further downside.

Silver prices stand on a slippery ground after breaking a short-term support line, currently down 1.92% to $26.00, ahead of Tuesday’s European session. In doing so, the white metal declines to the lowest since January 28.

Although a downside break of the previous key support line favors silver sellers, a confluence of 100-day SMA and an ascending trend line from March 18, 2020, around $25.60-40, challenge the quote’s further weakness. It’s worth mentioning that the descending RSI line, not oversold, suggests the extra downside of the metal.

It should, however, be noted that the 200-day SMA close to $24.05 and the $24.00 offer additional downside filters to the precious metal ahead of dragging it to November lows near $21.90.

Meanwhile, corrective pullback needs a daily closing beyond the previous support line, at $26.30 now, before attacking the $26.85 hurdle.

Also likely to challenge the silver buyers is the late February top near $28.35 and the previous month’s high of $30.06.

To sum up, silver bears are waiting for confirmation to portray notable downside.

Silver daily chart

Trend: Further weakness expected

Additional important levels

Today last price 25.96
Today Daily Change -0.54
Today Daily Change % -2.04%
Today daily open 26.5
Daily SMA20 27.15
Daily SMA50 26.47
Daily SMA100 25.37
Daily SMA200 23.99
Previous Daily High 27.08
Previous Daily Low 26.44
Previous Weekly High 28.33
Previous Weekly Low 26.14
Previous Monthly High 30.07
Previous Monthly Low 25.9
Daily Fibonacci 38.2% 26.68
Daily Fibonacci 61.8% 26.84
Daily Pivot Point S1 26.27
Daily Pivot Point S2 26.04
Daily Pivot Point S3 25.63
Daily Pivot Point R1 26.91
Daily Pivot Point R2 27.31
Daily Pivot Point R3 27.54



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