Silver Price Analysis: XAG/USD stuck in range below $27.50 ahead of Powell


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  • Silver bulls continue to face rejection at 50-HMA.  
  • Hourly RSI turns bearish, suggesting more downside.
  • $26.05 could continue to limit the declines in XAG/USD.

Following a staggering $1.5 rally seen on Wednesday, Silver (XAG/USD) trades choppy so far this Thursday, although remains trapped within a 50-cents range below $27.50.

From a short-term technical perspective, the white metal fell as low as $26.92 in the Asian trades, piercing through the horizontal 200-hourly Simple Moving Average (HMA), then at $27.02.

The price, however, quickly recaptured the 200-HMA, forming higher lows on the hourly chart since then.

At press time, the spot is trading well above the bullish 21-HMA at $27.23, looking to retest the horizontal trendline resistance placed at $27.53.

Acceptance above the latter could open doors for a test of the multi-year highs beyond $29.

On the flip side, a break below the 200-HMA could trigger a sharp decline towards the next relevant support at $26.75, the confluence area of the 50 and 100-HMAs.

Sellers will then target Wednesday’s high of $26.09 should the downside pressure intensify.

XAG/USD: Hourly chart

fxsoriginal

XAG/USD: Additional levels

XAG/USD

Overview
Today last price 27.32
Today Daily Change -0.18
Today Daily Change % -0.65
Today daily open 27.51
 
Trends
Daily SMA20 26.62
Daily SMA50 22.36
Daily SMA100 19.34
Daily SMA200 18.1
 
Levels
Previous Daily High 27.51
Previous Daily Low 26.1
Previous Weekly High 28.47
Previous Weekly Low 25.83
Previous Monthly High 26.21
Previous Monthly Low 17.76
Daily Fibonacci 38.2% 26.97
Daily Fibonacci 61.8% 26.64
Daily Pivot Point S1 26.57
Daily Pivot Point S2 25.63
Daily Pivot Point S3 25.16
Daily Pivot Point R1 27.98
Daily Pivot Point R2 28.45
Daily Pivot Point R3 29.39

 

 

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