Silver Price Analysis: XAG/USD Flirts With $26.00 As 50-DMA Prods Metal Bears
Silver price (XAG/USD) struggles to defend the latest corrective from a 1.5-month low near $26.00 amid early Monday morning in Europe.
That said, the bright metal dropped to the lowest levels since early April the previous day but failed to offer a daily close beneath the 50-DMA, around $23.90 by the press time.
In addition to the failure to provide a daily close below the short-term key DMA, the downbeat conditions of the RSI (14) line also favored the Silver price’s corrective bounce on early Monday.
However, the bearish MACD signals and sustained trading below the previous key supports keep the XAG/USD bears hopeful.
That said, the corrective bounce remains elusive unless the quote stays below a horizontal area comprising multiple levels marked since early January 2023, close to $24.60.
Even if the XAG/USD rises past $24.60, the 21-DMA hurdle of around $25.10 can prod the bulls before giving them control.
On the contrary, a daily close below the 50-DMA level of near $23.90 can quickly direct the Silver price toward the 100-DMA support surrounding $23.40.
Following that, the 61.8% Fibonacci retracement level of the precious metal’s March-May upside, near $22.30, can act as the last defense of the Silver buyers.
Silver price: Daily chart
(Click on image to enlarge)
Trend: Further downside expected
ADDITIONAL IMPORTANT LEVELS
OVERVIEW | |
---|---|
Today last price | 23.97 |
Today Daily Change | 0.00 |
Today Daily Change % | 0.00% |
Today daily open | 23.97 |
TRENDS | |
---|---|
Daily SMA20 | 25.17 |
Daily SMA50 | 23.87 |
Daily SMA100 | 23.39 |
Daily SMA200 | 21.85 |
LEVELS | |
---|---|
Previous Daily High | 24.21 |
Previous Daily Low | 23.74 |
Previous Weekly High | 25.92 |
Previous Weekly Low | 23.74 |
Previous Monthly High | 26.09 |
Previous Monthly Low | 23.57 |
Daily Fibonacci 38.2% | 23.92 |
Daily Fibonacci 61.8% | 24.03 |
Daily Pivot Point S1 | 23.74 |
Daily Pivot Point S2 | 23.51 |
Daily Pivot Point S3 | 23.27 |
Daily Pivot Point R1 | 24.2 |
Daily Pivot Point R2 | 24.44 |
Daily Pivot Point R3 | 24.67 |
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