Silver Price Analysis: XAG/USD targets $28 and beyond while above 21-DMA


  • Silver set to test triangle resistance on the daily chart at $28.26.
  • Daily RSI remains bullish while the bulls recapture critical 21-DMA.
  • XAU/USD now trades above all major daily averages.

Silver (XAG/USD) consolidates the rally to eight-day highs of $27.52, extending Monday’s surge amid ongoing sell-off in the US dollar across its main competitors.

Despite the renewed upbeat momentum, the price wavers within a symmetrical triangle, carved out since early August.

However, the upside appears more compelling in the near-term, as the price has pierced through the critical 21-daily Simple Moving Average (DMA), currently at $27.11 for the first time since September 2.

A daily closing above the 21-DMA is needed for the bulls to confront the triangle hurdle at $28.26. On its way northwards, the spot could face stiff resistance at the $28 mark.

The bullish bias is also backed by the 14-day Relative Strength Index (RSI), inching higher at 56.60. Further, the price trades above all major DMAs, indicative of the positive trend.

On the flip side, if the bulls fail to witness a daily closing above 21-DMA, a test of the triangle support at $26.44 will become inevitable.

Acceptance below the latter will confirm a symmetrical triangle breakdown, opening floors for a test of the upward-sloping 50-DMA at $24.95.

XAG/USD: Daily chart

fxsoriginal

XAG/USD: Additional levels

XAG/USD

Overview
Today last price 27.30
Today Daily Change 0.18
Today Daily Change % 0.66
Today daily open 27.12
 
Trends
Daily SMA20 27.1
Daily SMA50 24.78
Daily SMA100 20.89
Daily SMA200 18.76
 
Levels
Previous Daily High 27.31
Previous Daily Low 26.68
Previous Weekly High 27.49
Previous Weekly Low 25.85
Previous Monthly High 29.86
Previous Monthly Low 23.44
Daily Fibonacci 38.2% 27.07
Daily Fibonacci 61.8% 26.92
Daily Pivot Point S1 26.76
Daily Pivot Point S2 26.41
Daily Pivot Point S3 26.13
Daily Pivot Point R1 27.39
Daily Pivot Point R2 27.66
Daily Pivot Point R3 28.02

 

 

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