Silver Price Analysis: XAG/USD set to refresh yearly low, $25.00 tests the bears


  • Silver fades bounce off five-week low while staying below 100-day SMA.
  • Sustained break of three-month-old support line, bearish MACD also favor sellers.
  • 61.8% Fibonacci retracement level offers a breathing space during the drop to 200-day SMA.

Silver prices remain heavy near late January lows, currently down 0.23% around $25.30, during Friday’s Asian session. The white metal dropped the fresh bottom in multiple days after breaking an ascending trend line from November 30 the previous day.

The bearish bias also gains support from the metal’s failure to recover from recent lows while staying below 100-day SMA amid bearish MACD.

Hence, silver sellers are en route 200-day SMA level of $24.15. Though, 61.8% Fibonacci retracement of November 2020 to February 2021 upside, at $25.00, offers immediate support to the quote.

It’s worth mentioning that there are multiple supports around $23.60 for the commodity to break below $24.15 while targeting lows marked during late-2020 near $21.90.

Alternatively, an upside clearance of 100-day SMA, at $25.43 now, needs validation from 50% of Fibonacci retracement and previous support line, respectively around $26.00 and $26.30, before recalling the silver buyers.

Following that, $26.90, the $27.00 threshold and February 23 top near $28.33 will add to the upside filters.

Silver daily chart

Trend: Bearish

additional important levels

Overview
Today last price 25.34
Today Daily Change -0.02
Today Daily Change % -0.08%
Today daily open 25.36
 
Trends
Daily SMA20 27.08
Daily SMA50 26.5
Daily SMA100 25.42
Daily SMA200 24.12
 
Levels
Previous Daily High 26.31
Previous Daily Low 25.06
Previous Weekly High 28.33
Previous Weekly Low 26.14
Previous Monthly High 30.07
Previous Monthly Low 25.9
Daily Fibonacci 38.2% 25.54
Daily Fibonacci 61.8% 25.83
Daily Pivot Point S1 24.85
Daily Pivot Point S2 24.33
Daily Pivot Point S3 23.6
Daily Pivot Point R1 26.1
Daily Pivot Point R2 26.83
Daily Pivot Point R3 27.34

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

GBP/USD consolidates above 1.2700 mark as traders await BoE policy update

GBP/USD consolidates above 1.2700 mark as traders await BoE policy update

GBP/USD ticks lower on Thursday and snaps a three-day winning streak to the weekly top. The USD draws support from rebounding US bond yields and exerts pressure on the major. The downtick lacks follow-through as traders look to the BoE before placing directional bets.

GBP/USD News

EUR/USD escapes Wednesday’s holiday volatility trap, set for wait to meaningful data

EUR/USD escapes Wednesday’s holiday volatility trap, set for wait to meaningful data

EUR/USD cycled on Wednesday with US markets out for a midweek holiday, and the Fiber heads into the back half of the trading week with mid-tier data on the offering, leaving investors to look ahead to Friday’s PMI activity figures for meaningful data releases to drive sentiment in either direction.

EUR/USD News

Gold: Will XAU/USD buyers recapture key resistance near $2.340?

Gold: Will XAU/USD buyers recapture key resistance near $2.340?

Gold price regains upside traction early Thursday after the Juneteenth holiday lull. The US Dollar pauses its decline as Treasury bond yields edge higher amid risk aversion. The daily RSI gradually moves above the midline, supporting the Gold price upside.

Gold News

Bitcoin price continues to plummet as whale activities deepen

Bitcoin price continues to plummet as whale activities deepen

Bitcoin's price fell below $65,000 on Wednesday following Increased whale activities that may be sell orders. Meanwhile, hedge funds have experienced a drag in their Bitcoin exposure, which may be fueled by consistent outflows among Bitcoin ETFs.

Read more

Will the BoE signal that rate cuts are looming?

Will the BoE signal that rate cuts are looming?

At its latest gathering, the Bank of England appeared dovish enough to encourage market participants to assign a decent chance for a first quarter-point rate cut in June, but that didn’t last for long as the hotter-than-expected inflation data for April prompted investors to take their summer rate cut bets off the table.

Read more

Forex MAJORS

Cryptocurrencies

Signatures