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.

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

fxsoriginal

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

 

 

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