Silver Price Analysis: XAG/USD sellers ignore Tuesday’s Dragonfly Doji to attack $26.50

  • Silver prices remain on the backfoot despite flashing bullish candlestick formation the previous day.
  • 21-day SMA challenges the intraday bears amid downbeat MACD signals.
  • The monthly resistance line becomes the key upside hurdle.

Silver traders fail to extend the late-US session recovery moves from $26.06 beyond $26.60 as the quote drops to $26.47 during the early Wednesday. In doing so, the white metal shrugs off the Dragonfly candle formed the previous day.

While bearish MACD and sustained trading below a three-week-old falling trend line could be spotted as supporting the sellers, 21-day SMA near $26.45 probes the bullion’s further downside.

Other than the short-term SMA, the previous day’s low around $26.00 will also be the key as traders will wait for a total rejection of the bullish candlestick before stepping in to target the monthly low of $23.43.

Alternatively, $27.00 and nearby resistance line, at $27.25 now, could challenge the short-term buyers ahead of diverting them to August 18 top near $28.50.

In a case where the bulls dominate past-$28.50, the monthly peak close to $29.85 and $30.00 will be in the spotlight.

Silver daily chart

Trend: Pullback expected

Additional important levels

Today last price 26.51
Today Daily Change -0.07
Today Daily Change % -0.26%
Today daily open 26.58
Daily SMA20 26.46
Daily SMA50 22.16
Daily SMA100 19.22
Daily SMA200 18.05
Previous Daily High 26.81
Previous Daily Low 26.06
Previous Weekly High 28.47
Previous Weekly Low 25.83
Previous Monthly High 26.21
Previous Monthly Low 17.76
Daily Fibonacci 38.2% 26.35
Daily Fibonacci 61.8% 26.52
Daily Pivot Point S1 26.16
Daily Pivot Point S2 25.74
Daily Pivot Point S3 25.42
Daily Pivot Point R1 26.9
Daily Pivot Point R2 27.22
Daily Pivot Point R3 27.64



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