Silver Price Analysis: XAG/USD sellers eye three-week-old support line

  • Silver prices fail to cross 21/50-day EMA confluence, sellers attack $24.00.
  • Normal RSI conditions, sustained trading below the key EMAs keep sellers hopeful.
  • 1.5-month-old falling trend line adds to the upside barriers.

Silver prices remain on the back foot despite a recent bounce off $23.98, currently down 0.71% around $24.08, during early Thursday. The while metal flashed a bullish spinning top candlestick on the previous day while bouncing off one week low. However, the recovery moved failed to cross a joint of 21-day and 50-day EMA, which in turn favors the bears amid normal RSI conditions.

As a result, sellers are currently targeting an upward sloping support line from September 24, at $23.90, a break of which could challenge the monthly bottom surrounding $22.87.

However, the $23.00 round-figure may offer an intermediate halt during the downside whereas the previous month’s bottom surrounding $21.65 will attack further selling of the bullion.

Meanwhile, an upside clearance of EMA confluence near $24.50/55 isn’t enough for the bull’s entry as a falling trend line from September 01, at $24.90, followed by the $25.00 threshold can probe silver’s upside moves.

In a case where the bulls dominate past-$25.00, the monthly high of $25.56 and the early September low near $25.85 will be in the spotlight.

Silver daily chart

Trend: Further downside expected

Additional important levels

Today last price 24.07
Today Daily Change -0.19
Today Daily Change % -0.78%
Today daily open 24.26
Daily SMA20 24.2
Daily SMA50 25.97
Daily SMA100 22.74
Daily SMA200 19.53
Previous Daily High 24.64
Previous Daily Low 23.88
Previous Weekly High 25.18
Previous Weekly Low 22.88
Previous Monthly High 28.9
Previous Monthly Low 21.66
Daily Fibonacci 38.2% 24.35
Daily Fibonacci 61.8% 24.17
Daily Pivot Point S1 23.88
Daily Pivot Point S2 23.5
Daily Pivot Point S3 23.12
Daily Pivot Point R1 24.64
Daily Pivot Point R2 25.02
Daily Pivot Point R3 25.4



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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD bounces to stabilize around 1.1750

Fears keep ruling the financial boards as rising COVID-19 cases lead to fresh lockdowns across the Union, Germany included. Dollar correcting extreme overbought conditions.


GBP/USD falls below 1.30 amid fears of a UK lockdown, Brexit impasse

GBP/USD has dropped below 1.30 as the British government mulls a new lockdown to curb the spread of coronavirus. The pound is also pressured by the Brexit impasse.


XAU/USD hits fresh monthly lows near $1,870 and remains vulnerable

Gold is falling sharply and is down almost two percent, even after trimming losses. XAU/USD tumbled to $1,868/oz reaching the lowest level since late-September.

Gold News

Bank of Canada leaves policy rate unchanged at 0.25% as expected

In a widely expected decision, the Bank of Canada (BoC) announced on Wednesday that it left its key rate unchanged at 0.25% following its October policy meeting.

Read more

WTI bounces off lows near $37.00/bbl post-EIA

Prices of the WTI remain on the defensive albeit off lows. Demand concerns dragged prices to 3-week lows near $37.00. EIA reported an unexpected 4.3 mb build during last week.

Oil News