Silver Price Analysis: XAG/USD stalls the downside, not out of the woods yet


  • Silver clings onto the $24.80 support zone but the downside remains intact.
  • A symmetrical triangle breakdown confirmed on the hourly chart.
  • RSI has rebounded but remains below the 50.00 level.

Silver (XAG/USD) licks it wounds while trading in a tight range between $25 and $24.80 levels, as the bears catch a breather before the next push lower.

The white metal remains exposed to downside risks after it confirmed a symmetrical triangle breakdown on the hourly sticks in early Asia.

Silver Price Chart: Hourly

Although the spot attempts a bounce in tandem with the Relative Strength Index (RSI), which has also recovered from lower levels. Despite the upturn in the RSI, the momentum indicator still trades below the 50.00 level, suggesting that the downside bias remains in place.

Therefore, a sustained move below the $24.80 support could call for a test of Thursday’s low of $24.41.

On the flip side, if the abovementioned support holds, the recovery could extend towards the bearish 21-hourly moving average (HMA) at $24.97.

Further up, the $25.50 psychological level could be challenged.

Silver Additional levels

XAG/USD

Overview
Today last price 24.86
Today Daily Change -0.21
Today Daily Change % -0.84
Today daily open 25.07
 
Trends
Daily SMA20 25.8
Daily SMA50 26.36
Daily SMA100 25.64
Daily SMA200 24.76
 
Levels
Previous Daily High 25.26
Previous Daily Low 24.87
Previous Weekly High 26.24
Previous Weekly Low 24.41
Previous Monthly High 30.07
Previous Monthly Low 25.9
Daily Fibonacci 38.2% 25.11
Daily Fibonacci 61.8% 25.02
Daily Pivot Point S1 24.87
Daily Pivot Point S2 24.67
Daily Pivot Point S3 24.48
Daily Pivot Point R1 25.26
Daily Pivot Point R2 25.46
Daily Pivot Point R3 25.65

 

 

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