Silver Price Analysis: XAG/USD stages another bounce off 21-day SMA to keep $27.00


  • Silver prices consolidate latest losses while staying beyond 21-day SMA for one month.
  • Seven-week-old horizontal resistance, monthly falling trend line guard immediate upside.
  • 50-day SMA, ascending support line from November add filters to the downside.
  • Bearish MACD, strong resistance to the north and US dollar gains keep sellers hopeful.

Silver picks up bids to $27.45 during the initial Asian session trading on Friday. The white metal rose beyond $28.00 before declining to $27.35 the previous day. Even so, 21-day SMA continued on its role of strong short-term support since late-January.

It should, however, be noted that the bearish MACD signals and nearness to the key resistance confluence, including multiple highs marked since January 06 and a downward sloping trend line from February 01, challenge the silver bulls. Also on the negative side is the latest US dollar bounce off a seven-week low amid marked havoc led by the Treasury yields.

Hence, the quote’s further upside depends upon how well it can break the $28.00 resistance, which in turn needs validation from the weekly top of $28.33 before challenging the monthly high near $30.06.

Meanwhile, a downside break of 21-day SMA, at $27.28 now, will be probed by a 50-day SMA and an ascending support line from early January, respectively around $26.50 and the $26.00 threshold.

In a case where the precious metal drops below $26.00, the yearly bottom surrounding $24.20 may gain the market’s attention.

Silver daily chart

Trend: Sideways

Additional important levels

Overview
Today last price 27.44
Today Daily Change -0.48
Today Daily Change % -1.72%
Today daily open 27.92
 
Trends
Daily SMA20 27.24
Daily SMA50 26.42
Daily SMA100 25.31
Daily SMA200 23.84
 
Levels
Previous Daily High 27.95
Previous Daily Low 27.32
Previous Weekly High 27.96
Previous Weekly Low 26.2
Previous Monthly High 27.92
Previous Monthly Low 24.19
Daily Fibonacci 38.2% 27.71
Daily Fibonacci 61.8% 27.56
Daily Pivot Point S1 27.51
Daily Pivot Point S2 27.11
Daily Pivot Point S3 26.89
Daily Pivot Point R1 28.14
Daily Pivot Point R2 28.36
Daily Pivot Point R3 28.77

 

 

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