Silver Price Analysis: XAG/USD struggles to defend 100-SMA breakout


  • Silver prices grind higher following the rebound from weekly low.
  • Fortnight-old resistance line, sluggish MACD question buyers despite breaking the key SMA.
  • Horizontal area from September 20 restricts short-term downside.

Silver (XAG/USD) fades recovery moves from the weekly bottom around $22.60 during Thursday’s Asian session. In doing so, the bright metal fails to extend the 100-SMA break out below a two-week-long resistance line.

As sluggish MACD portrays a lack of market support to the rebound, the metal is likely to drop back towards the key SMA level of $22.57.

However, a three-week-old horizontal support area near $22.10, followed by the $22.00 threshold, will restrict the quote’s further weakness.

Should silver bears dominate past $22.00, $21.60 may offer an intermediate halt during the fall targeting the yearly low near $21.40.

Alternatively, a clear upside break of the stated resistance line around $22.75 needs validation from double tops marked in September at around $23.15.

Also acting as important resistance for silver traders is the 200-SMA level of $23.30.

Silver: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 22.64
Today Daily Change 0.02
Today Daily Change % 0.09%
Today daily open 22.62
 
Trends
Daily SMA20 22.81
Daily SMA50 23.6
Daily SMA100 25.1
Daily SMA200 25.68
 
Levels
Previous Daily High 22.68
Previous Daily Low 22.21
Previous Weekly High 22.85
Previous Weekly Low 21.42
Previous Monthly High 24.87
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 22.39
Daily Fibonacci 61.8% 22.5
Daily Pivot Point S1 22.32
Daily Pivot Point S2 22.03
Daily Pivot Point S3 21.85
Daily Pivot Point R1 22.79
Daily Pivot Point R2 22.97
Daily Pivot Point R3 23.26

 

 

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