• Silver witnessed a modest intraday pullback from the $24.30 static resistance.
  • The set-up favours bearish trades and supports prospects for further losses.
  • A sustained break below the $23.80 support will reaffirm the negative outlook.

Silver struggled to capitalize on its modest intraday gains, instead met with some fresh supply near the $24.30 static resistance and was last seen trading in the neutral territory.

Given this week's retracement slide from the $24.80-85 region, acceptance below 200-period SMA on the 4-hour chart favours bearish traders. This, coupled with the fact that oscillators on the daily chart maintained their bearish bias and have again started drifting into the negative territory on hourly charts, supports prospects for further losses.

That said, the $23.80 horizontal support should protect any meaningful slide for the XAG/USD. Bearish traders might wait for a sustained break below the mentioned support before placing any aggressive bets. The white metal might then accelerate the fall towards intermediate support near the $23.50-45 region en-route the $23.00 round-figure mark.

On the flip side, sustained break through the $24.30 hurdle might trigger a short-covering move and push the XAG/USD towards the $24.80-85 region. This is followed by the key $25.00 psychological mark, which if cleared decisively might negate the negative bias.

The next relevant resistance to the upside is pegged near the $25.65 zone, above which the momentum could get extended and allow bulls to challenge August monthly swing highs, around the $26.00 mark.

Silver 4-hour chart

fxsoriginal

Technical levels to watch

XAG/USD

Overview
Today last price 24.08
Today Daily Change 0.04
Today Daily Change % 0.17
Today daily open 24.04
 
Trends
Daily SMA20 23.88
Daily SMA50 24.73
Daily SMA100 25.89
Daily SMA200 25.89
 
Levels
Previous Daily High 24.29
Previous Daily Low 23.85
Previous Weekly High 24.87
Previous Weekly Low 23.76
Previous Monthly High 26
Previous Monthly Low 22.17
Daily Fibonacci 38.2% 24.12
Daily Fibonacci 61.8% 24.02
Daily Pivot Point S1 23.83
Daily Pivot Point S2 23.61
Daily Pivot Point S3 23.38
Daily Pivot Point R1 24.27
Daily Pivot Point R2 24.5
Daily Pivot Point R3 24.72

 

 

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