Silver: XAG/USD drops as a doji emerge, while indicators suggest a potential pullback

Silver price retreats after hitting daily high on upbeat US economic data.
Upward momentum for XAG/USD remains despite recent losses.
XAG/USD may drop unless it holds above a critical support level.

Christian Borjon Valencia FXStreet

Silver price retraces after hitting a daily high of $25.37, last seen at around $25.05, as US Treasury bond yields edged up, following upbeat US economic data. At the time of writing, the XAG/USD is trading at $25.05, down 0.83%.

XAG/USD Price Analysis

XAG/USD remains upward biased, although it posted back-to-back days of losses, led by Thursday’s price action, which printed a doji, followed by a bearish candlestick, about to close below the April 20 low of $25.06. However, the uptrend remains in play unless the XAG/USD drops below the confluence of the April 19 low and the 20-day EMA around $25.58/65.

If XAG/USD clears April’s 20 high at $25.49, it could exacerbate a rally to the YTD high of $26.08. A breach of the latter will expose the last year’s high at $26.95, shy of the $27.00 figure.

Conversely, the XAG/USD could test February’s 2 high-turned-support at $24.63, immediately followed by the 20-day EMA. If the Relative Strength Index (RSI) continues to drop, as it has done since six-days ago, a test of the $24.00 figure is on the cards. Downside risks remain eyed at the 50-day EMA at

XAG/USD Daily Char

XAG/USD

Overview
Today last price	25.1
Today Daily Change	-0.19
Today Daily Change %	-0.75
Today daily open	25.29

Trends
Daily SMA20	24.52
Daily SMA50	22.69
Daily SMA100	23.08
Daily SMA200	21.38

Levels
Previous Daily High	25.5
Previous Daily Low	25.06
Previous Weekly High	26.09
Previous Weekly Low	24.72
Previous Monthly High	24.16
Previous Monthly Low	19.9
Daily Fibonacci 38.2%	25.33
Daily Fibonacci 61.8%	25.23
Daily Pivot Point S1	25.07
Daily Pivot Point S2	24.84
Daily Pivot Point S3	24.63
Daily Pivot Point R1	25.51
Daily Pivot Point R2	25.72
Daily Pivot Point R3	25.95

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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