Silver Price Analysis: XAG/USD stays depressed below $28.00 inside weekly rising wedge


  • Silver fails to keep a seven-day-old trend line breakout inside a bearish chart pattern.
  • Sluggish MACD, sustained trading beyond 200-SMA test bears.

Silver (XAG/USD) prices remain pressured, consolidating of late, around $27.70, during the early Asian session on Thursday. In doing so, the commodity remains inside the bearish chart formation, rising wedge, while faking the previous resistance line breakout.

The white metal pierced a downward sloping trend line from June 01 before reversing from $28.00. The pullback moves join the indecision condition of the MACD to keep sellers hopeful.

However, a clear downside break of the bearish formation’s support line, near $27.55, becomes necessary to recall the $27.00 threshold to the chart.

During the fall, 61.8% Fibonacci retracement of May 13-18 fall near $27.50, 200-SMA level of $27.36 and an ascending support line from May 13, close to $27.05, will entertain the silver bears.

Meanwhile, sustained trading beyond $28.00 will need to cross the stated wedge’s upper line, at $28.10 by the press time, to convince the silver buyers. Though, $28.20 and $28.35-40 could probe the quote’s further upside before directing the metal prices to May’s top near $28.75.

Silver four-hour chart

Trend: Further weakness expected

additional important levels

Overview
Today last price 27.79
Today Daily Change 0.18
Today Daily Change % 0.65%
Today daily open 27.61
 
Trends
Daily SMA20 27.75
Daily SMA50 26.65
Daily SMA100 26.5
Daily SMA200 25.72
 
Levels
Previous Daily High 27.98
Previous Daily Low 27.51
Previous Weekly High 28.56
Previous Weekly Low 27.01
Previous Monthly High 28.75
Previous Monthly Low 25.81
Daily Fibonacci 38.2% 27.69
Daily Fibonacci 61.8% 27.8
Daily Pivot Point S1 27.42
Daily Pivot Point S2 27.23
Daily Pivot Point S3 26.95
Daily Pivot Point R1 27.89
Daily Pivot Point R2 28.17
Daily Pivot Point R3 28.37

 

 

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.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD keeps meeting sellers around 1.2200

The EUR/USD pair is marginally lower at the end of the day, still trading within familiar levels. ECB’s monetary policy decision and US inflation figures are likely to wake up the pair.

EUR/USD News

GBP/USD under some pressure ahead of Super Thursday

GBP/USD bears are seeking Biden to weigh on on Britain this week. Sterling was a little higher in early London trading, initially shrugging off post-Brexit trade issues over Northern Ireland. The US dollar is up in focus as the US CPI data looms.

GBP/USD News

Gold bears seeking for critical resistance to hold post US CPI

The markets are holding out for Super Thursday with the ECB and US CPI to lay the foundations ahead of the Fed. At the time of writing, Gold is trading at $1,891.26 and flat on the day having traded within a range of between $1,887.43 and $1,899.07 so far. 

Gold News

XLM price shows strength above $0.36, releasing Stellar for a 30% rally

XLM price struck support at the 61.8% retracement level yesterday before rebounding to close positive on a day that initially looked bearish for the cryptocurrency complex.

Read more

US CPI May Preview: Inflation angst is coming

Annual CPI forecast to climb to 4.7%, core to 3.4% in May. Federal Reserve interest rate policy tied to labor market recovery. Inflation stirring in commodities, product shortages and wages. Fed seems to have begun market preparation for bond taper. US dollar is a reflection of Treasury rates.

Read more

Forex MAJORS

Cryptocurrencies

Signatures