Silver Price Analysis: XAG/USD struggles below 20-day SMA

Silver continues to face downside pressure below the 20-day SMA.
Additional gains possible if price decisively breaks above the $26.20 level.
Oversold momentum oscillators warn against aggressive directional bids.

Rekha Chauhan Independent Analyst

Silver Price (XAG/USD) makes several attempts to move higher but fails to hold onto the upside momentum. Prices move in a very narrow trading band with an upside bias.

At the time of writing, XAG/USD is trading at $26.14, down 0.10% for the day.

XAG/USD daily chart

On the daily chart, the white metal consolidates below the 38.2% Fibonacci retracement level, extending from the low of $23.77.

If price makes sustained moves above the intraday high at $26.19, then it could ditch the earlier day negative price moment.

That said, the first target could be found at the 20-day Simple Moving Average (SMA) at $26.51.

The Moving Average Convergence Divergence (MACD) indicator holds onto the oversold zone with a neutral stance. Any uptick in the MACD would allow bulls to retest the $27.00 horizontal resistance level.

That said, XAG/USD would then aim for the 23.6% Fibonacci retracement level at $27.50.

Alternatively, if price moves lower then it could bring bears into action, with the earlier day’s low of $26.01.

A daily close below the mentioned level would open the gates for the $25.85 horizontal support level.

Multiple support formation near $25.85 makes it a crucial level to trade, a break would meet the next target at April 15 low at $25.32.

XAG/USD additional levels

XAG/USD

Overview
Today last price	26.18
Today Daily Change	0.02
Today Daily Change %	0.08
Today daily open	26.16

Trends
Daily SMA20	26.53
Daily SMA50	27.07
Daily SMA100	26.5
Daily SMA200	25.77

Levels
Previous Daily High	26.78
Previous Daily Low	26.01
Previous Weekly High	26.56
Previous Weekly Low	25.52
Previous Monthly High	28.56
Previous Monthly Low	25.52
Daily Fibonacci 38.2%	26.3
Daily Fibonacci 61.8%	26.48
Daily Pivot Point S1	25.86
Daily Pivot Point S2	25.55
Daily Pivot Point S3	25.09
Daily Pivot Point R1	26.62
Daily Pivot Point R2	27.08
Daily Pivot Point R3	27.39

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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