#XAGUSD @ 18.941 -imp levels: Silver price remains pressured at one-month low after six consecutive days of downside.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE and login below to read further [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• Silver price remains pressured at one-month low after six consecutive days of downside.
• Bearish MACD signals, downbeat RSI keeps sellers hopeful below weekly resistance line.
• 21-DMA adds to the upside filters, yearly low lures the XAG/USD bears.

The pair currently trades last at 18.941.

The previous day high was 19.58 while the previous day low was 19.03. The daily 38.2% Fib levels comes at 19.24, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.37, expected to provide resistance.

Silver price (XAG/USD) fades corrective pullback from the monthly low marked the previous day as it renews its daily bottom around $18.95 during Tuesday’s Asian session. In doing so, the bright metal justifies the downbeat oscillators while extending the six-day downtrend below a one-week-old descending resistance line.

That said, the quote’s further weakness eyes the yearly low marked in July at around $18.20, before hitting the $18.00 threshold.

It’s worth noting that the XAG/USD weakness past $18.00 could quickly direct bears towards the 61.8% Fibonacci Expansion (FE) of late April to mid-August moves, around $17.45.

However, a convergence of the downward sloping support line from May 13 and 78.6% FE, near $16.60-50 could challenge the bears afterward.

Meanwhile, recovery moves need validation from the weekly resistance line, at $19.10 by the press time.

Following that, the 21-DMA and the monthly high could challenge the silver buyer at around $19.90 and $20.90 respectively.

It should be observed that the XAG/USD upside past $20.90 should provide a daily closing beyond the $21.00 round figure to recall the buyers.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 18.97 at the time of writing. Pair opened at 19.06 and is trading with a change of -0.47% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 19.94, 50 SMA 20.01, 100 SMA @ 21.49 and 200 SMA @ 22.6.

The previous day high was 19.58 while the previous day low was 19.03. The daily 38.2% Fib levels comes at 19.24, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.37, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 18.86, 18.67, 18.31
• Pivot resistance is noted at 19.42, 19.77, 19.96

[/s2If]
Join Our Telegram Group