Silver Price Analysis: XAG/USD stays defensive above $23.40 support confluence


  • Silver Price struggles for clear directions after snapping two-day downtrend the previous day.
  • Sustained trading beyond a convergence of 200-HMA, one-week-old rising trend line keeps XAG/USD buyers hopeful.
  • Steady RSI (14) adds strength to expectations of further grinding towards the north.
  • Double tops around $24.00 appear tough nuts to crack for the Silver buyers.

 

Silver Price (XAG/USD) picks up bids to defend the previous day’s corrective bounce off the short-term key support, mildly bid near $23.60 during early Wednesday in Asia.

In doing so, the bright metal rebounds from a convergence of the 200-Hour Moving Average (HMA) and an upward-sloping support line from May 30, close to $23.60-65.

Apart from the clear bounce off important support, the steady RSI (14) line also keeps the XAG/USD buyers hopeful.

However, a three-week-old double top formation of around $24.00 challenges the Silver buyers before giving them control.

In a case where the XAG/USD remains firmer past $24.00, the 61.8% Fibonacci retracement of the metal’s May 10-26 May, around $24.70, will act as the last defense of the Silver buyers.

Following that, the $26.00 round figure and the previous monthly high of around $26.15 will be in the spotlight.

On the contrary, a clear downside break of $23.40 won’t hesitate to portray an immediate fall toward the $23.00 round figure, a break of which could direct the XAG/USD sellers toward the previous monthly low of near $22.70.

Silver Price: Hourly chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price 23.61
Today Daily Change 0.01
Today Daily Change % 0.04%
Today daily open 23.6
 
Trends
Daily SMA20 23.66
Daily SMA50 24.47
Daily SMA100 23.34
Daily SMA200 22.17
 
Levels
Previous Daily High 23.78
Previous Daily Low 23.34
Previous Weekly High 24.02
Previous Weekly Low 22.93
Previous Monthly High 26.14
Previous Monthly Low 22.68
Daily Fibonacci 38.2% 23.61
Daily Fibonacci 61.8% 23.51
Daily Pivot Point S1 23.36
Daily Pivot Point S2 23.13
Daily Pivot Point S3 22.93
Daily Pivot Point R1 23.8
Daily Pivot Point R2 24.01
Daily Pivot Point R3 24.24

 

 

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