Silver Price Analysis: XAG/USD sellers target 200-bar SMA

Silver prices remain on the back foot after breaking an ascending trend line from August 12.
100-bar SMA guards immediate upside, downward sloping RSI favor sellers.

Anil Panchal FXStreet

Silver drops to $26.68, down 0.92% on a day, during Monday’s initial trading session. The white metal keeps its downside break of nearly a month-old support line, now resistance, while also staying below 100-bar SMA amid descending RSI conditions.

As a result, sellers eye further weakness with a 200-bar SMA level of $26.29 acting as immediate support ahead of $26.00 round-figures.

During the commodity’s further weakness below $26.00, 23.6% Fibonacci retracement of its early August declines, around $24.95 will be the key as a break of which can recall $23.43 on the chart.

Meanwhile, an upside clearance of a 100-bar SMA level of $27.20 can propel the quote to confront the previous support line, now resistance, around $28.00.

Should buyers manage to conquer $28.00, multiple upside barriers around $29.00 and $29.85 can question the run-up towards the $30.00 threshold.

Silver four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	26.68
Today Daily Change	-0.25
Today Daily Change %	-0.93%
Today daily open	26.93

Trends
Daily SMA20	27.09
Daily SMA50	23.72
Daily SMA100	20.18
Daily SMA200	18.46

Levels
Previous Daily High	27.04
Previous Daily Low	26.3
Previous Weekly High	28.9
Previous Weekly Low	26.3
Previous Monthly High	29.86
Previous Monthly Low	23.44
Daily Fibonacci 38.2%	26.76
Daily Fibonacci 61.8%	26.58
Daily Pivot Point S1	26.47
Daily Pivot Point S2	26.02
Daily Pivot Point S3	25.73
Daily Pivot Point R1	27.21
Daily Pivot Point R2	27.49
Daily Pivot Point R3	27.95

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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