Silver Price Analysis: XAG/USD trades with modest losses below $28.00 mark

Silver retreated from three-week tops and eroded a part of the overnight gains.
Mixed technical indicators warrant some caution for aggressive bearish traders.

Haresh Menghani FXStreet

Silver witnessed a modest pullback from three-week tops touched earlier this Tuesday and eroded a part of the previous day's strong positive move.

The XAU/USD was last seen hovering near the lower end of its daily trading range, around the $27.75 region. The mentioned area marks a horizontal resistance breakpoint and is followed by support near 100-hour SMA, around the $27.40 zone.

Meanwhile, technical indicators on the 1-hourly chart have been gaining negative traction and support prospects for further weakness. That said, bullish oscillators on 4-hourly/daily charts warrant caution before positioning for a further downfall.

This makes it prudent to wait for some follow-through selling below the mentioned resistance-turned-support in order to confirm a near-term bearish bias. The XAG/USD might then turn vulnerable to break below the $27.00 round-figure mark.

The subsequent downward momentum has the potential to drag the white metal back towards the $26.15-10 intermediate support en-route monthly swing lows, around the $25.90 region touched on February 4.

On the flip side, the $28.00 mark now seems to act as an immediate resistance ahead of the $28.30-35 region (multi-week tops). A sustained move beyond should assist the XAG/USD to aim back towards reclaiming the $29.00 round-figure mark.

XAG/USD 1-hourly chart

Technical levels to watch

XAG/USD

Overview
Today last price	27.91
Today Daily Change	-0.35
Today Daily Change %	-1.24
Today daily open	28.26

Trends
Daily SMA20	26.99
Daily SMA50	26.31
Daily SMA100	25.22
Daily SMA200	23.74

Levels
Previous Daily High	28.28
Previous Daily Low	27.27
Previous Weekly High	27.96
Previous Weekly Low	26.2
Previous Monthly High	27.92
Previous Monthly Low	24.19
Daily Fibonacci 38.2%	27.9
Daily Fibonacci 61.8%	27.66
Daily Pivot Point S1	27.6
Daily Pivot Point S2	26.93
Daily Pivot Point S3	26.59
Daily Pivot Point R1	28.61
Daily Pivot Point R2	28.95
Daily Pivot Point R3	29.62

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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