Silver Price Analysis: XAG/USD struggles near session lows, around mid-$27.00s

Silver struggled to capitalize on the post-NFP positive move and met with fresh supply on Monday.
Mixed technical indicators on hourly/daily charts warrant caution before placing aggressive bets.

Haresh Menghani FXStreet

Silver witnessed some fresh selling on the first day of a new trading week and eroded a major part of Friday's softer NFP-inspired gains. The white metal was last seen trading just above mid-$27.00s, down 0.70% for the day.

From a technical perspective, the XAG/USD, so far, has managed to hold comfortably above three-week lows, around the $27.00 mark touched last week. The mentioned handle should now act as a key pivotal point for short-term traders.

Technical indicators on hourly charts have again started drifting into the negative territory and support prospects for further intraday losses. That said, neutral oscillators on the daily chart warrants some caution for bearish traders.

Hence, it will be prudent to wait for sustained weakness below the $27.00 level before positioning for any further depreciating move. The XAG/USD might then accelerate the fall to the $26.60 resistance breakpoint en-route the $26.00 mark.

The downward trajectory could further get extended towards the very important 200-day SMA, currently near the $25.75-70 region. A convincing break below will negate any near-term positive bias, instead prompt some aggressive technical selling.

On the flip side, the daily swing highs, around the $27.85 region now seems to act as an immediate hurdle ahead of the $28.00 mark. This is followed by the $28.25-30 supply zone, which if cleared will be seen as a fresh trigger for bullish traders.

The next relevant barrier is seen near May monthly swing highs, around the $28.75 region. Some follow-through buying should pave the way for a move beyond the $29.00 mark, towards the $29.60 resistance zone en-route the $30.00 psychological mark.

XAG/USD 4-hourly chart

Technical levels to watch

XAG/USD

Overview
Today last price	27.57
Today Daily Change	-0.20
Today Daily Change %	-0.72
Today daily open	27.77

Trends
Daily SMA20	27.72
Daily SMA50	26.53
Daily SMA100	26.44
Daily SMA200	25.72

Levels
Previous Daily High	27.85
Previous Daily Low	27.23
Previous Weekly High	28.56
Previous Weekly Low	27.01
Previous Monthly High	28.75
Previous Monthly Low	25.81
Daily Fibonacci 38.2%	27.61
Daily Fibonacci 61.8%	27.47
Daily Pivot Point S1	27.38
Daily Pivot Point S2	27
Daily Pivot Point S3	26.76
Daily Pivot Point R1	28
Daily Pivot Point R2	28.24
Daily Pivot Point R3	28.62

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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