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

Today last price 27.79
Today Daily Change 0.18
Today Daily Change % 0.65%
Today daily open 27.61
Daily SMA20 27.75
Daily SMA50 26.65
Daily SMA100 26.5
Daily SMA200 25.72
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



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