Silver Price Analysis: XAG/USD Dips Slightly, Remains Bullish Above $27.00
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- Silver retreats from a high of $27.43 while interacting with key Fibonacci retracement levels.
- XAG/USD consolidates within the $27.05 to $27.70 Fibonacci range.
- A break above $27.70 could open the path to higher resistances at $28.00 and possibly extend towards the $29.00 mark and the annual high at $29.76.
- Should it fall below $27.05, Silver might target further supports at $26.41 and the crucial $25.50 level.
Silver's price edged down late during Monday’s North American session. It lost some 0.10% after reaching a daily high of $27.43 hit during the North American session. At the time of writing, XAG/USD trades at $27.12.
XAG/USD Price Analysis: Technical outlook
The XAG/USD daily chart suggests the grey metal is consolidating between 50% and 38.2% Fibonacci retracement, within the $27.05-$27.70 area of the Fib drawn from the swing low at $24.34 to the latest high at $29.76.
For a bullish continuation, traders need to reclaim the top of the abovementioned range at $27.70 so they can threaten to breach the $28.00 milestone. Once cleared, the next resistance would be the 23.6% Fib retracement at $28.48, followed by the $29.00 mark. The next supply area would be the year-to-date (YTD) high at $29.76.
On the flip side, bears could find some relief if XAG/USD slides below the 50% Fib retracement at $27.05, followed by the 61.8% retracement at $26.41. A subsequent dip is seen below that level, exposing the confluence of the 50-day moving average (DMA) and the 78.6% Fib retracement at $25.50.
XAG/USD Price Action – Daily Chart
XAG/USD
| OVERVIEW | |
|---|---|
| Today last price | 27.15 |
| Today Daily Change | -0.07 |
| Today Daily Change % | -0.26 |
| Today daily open | 27.22 |
| TRENDS | |
|---|---|
| Daily SMA20 | 27.57 |
| Daily SMA50 | 25.41 |
| Daily SMA100 | 24.28 |
| Daily SMA200 | 23.78 |
| LEVELS | |
|---|---|
| Previous Daily High | 27.73 |
| Previous Daily Low | 27.08 |
| Previous Weekly High | 28.69 |
| Previous Weekly Low | 26.67 |
| Previous Monthly High | 25.77 |
| Previous Monthly Low | 22.51 |
| Daily Fibonacci 38.2% | 27.33 |
| Daily Fibonacci 61.8% | 27.49 |
| Daily Pivot Point S1 | 26.96 |
| Daily Pivot Point S2 | 26.7 |
| Daily Pivot Point S3 | 26.31 |
| Daily Pivot Point R1 | 27.61 |
| Daily Pivot Point R2 | 27.99 |
| Daily Pivot Point R3 | 28.25 |
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