Silver Price Analysis: XAG/USD sellers look for entry below $26.70/65


  • Silver trades in a choppy range between $26.97 and $26.68.
  • A confluence of 21-day EMA, an ascending trend line from August 12 restricts immediate downside amid bearish MACD.
  • Bulls need to refresh the monthly top to retake controls.

Silver struggles for a clear direction while taking rounds to $26.85 during Tuesday’s Asian session. The white metal marked a bearish spinning top candlestick the previous day, suggesting sellers’ exhaustion, while it's sustained trading beyond 21-day EMA and one-month-old support line favor odds of its recovery. However, bulls struggle to retake controls.

As a result, traders will wait for a clear break of either the $26.70/65 support confluence or the monthly high of $28.90 before taking any major position. Though, $27.60 and $28.50 may entertain the short-term buyers.

During the quote’s sustained run-up beyond $28.90, the multi-month high flashed in August around $29.80 and $30.00 will be the key.

Meanwhile, a downside break of $26.65 may take a break near 50% Fibonacci retracement of July 28 to early August run-up, at $26.03.

It should be noted that 61.8% Fibonacci retracement and an upward sloping trend line from July 28 will question the bullion’s downside past-$26.03 around $25.30/20.

Silver daily chart

Trend: Sideways

Additional important levels

Overview
Today last price 26.84
Today Daily Change 0.00
Today Daily Change % 0.00%
Today daily open 26.84
 
Trends
Daily SMA20 26.97
Daily SMA50 23.9
Daily SMA100 20.3
Daily SMA200 18.51
 
Levels
Previous Daily High 27.18
Previous Daily Low 26.63
Previous Weekly High 28.9
Previous Weekly Low 26.3
Previous Monthly High 29.86
Previous Monthly Low 23.44
Daily Fibonacci 38.2% 26.84
Daily Fibonacci 61.8% 26.97
Daily Pivot Point S1 26.58
Daily Pivot Point S2 26.33
Daily Pivot Point S3 26.03
Daily Pivot Point R1 27.14
Daily Pivot Point R2 27.43
Daily Pivot Point R3 27.69

 

 

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