Silver Price Forecast: XAG/USD bounces off weekly support line, eyes to regain $26.00

Silver bears take a breather following the biggest daily fall in six weeks.
MACD turns bearish but key SMAs, trend lines defend buyers.
Tops marked during July 2021 act as short-term key resistance.

Anil Panchal FXStreet

Silver (XAG/USD) holds onto the U-turn from a one-week-old ascending support line around $25.80 amid the initial Asian session on Thursday.

The bright metal dropped the most since late January the previous day before taking a U-turn from $25.40, staying comfortably above weekly support.

It should be noted, however, that the rebound needs validation from the $26.00 threshold to reject the bearish signals from MACD.

Following that, July 2021 peak around $26.75-80 will be in focus as a clear break of which will propel XAG/USD prices towards a fresh high of 2022, currently around $27.00.

On the contrary, the nearby support line and the 50-SMA, respectively around $25.60 and $25.35 limit the quote’s immediate downside.

Following that, an upward sloping trend line from February 03, close to $24.85 and January’s peak of $24.70 will be crucial to watch.

In a case where silver bears conquer $24.70 support, a convergence of the 200-SMA and 61.8% Fibonacci retracement of February-March upside, near $23.85-90, could lure them.

Silver: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	25.78
Today Daily Change	-0.66
Today Daily Change %	-2.50%
Today daily open	26.44

Trends
Daily SMA20	24.4
Daily SMA50	23.59
Daily SMA100	23.53
Daily SMA200	24.1

Levels
Previous Daily High	26.95
Previous Daily Low	25.36
Previous Weekly High	25.74
Previous Weekly Low	24.1
Previous Monthly High	25.62
Previous Monthly Low	22.01
Daily Fibonacci 38.2%	26.34
Daily Fibonacci 61.8%	25.97
Daily Pivot Point S1	25.55
Daily Pivot Point S2	24.66
Daily Pivot Point S3	23.96
Daily Pivot Point R1	27.14
Daily Pivot Point R2	27.84
Daily Pivot Point R3	28.74

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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