#XAGUSD @ 19.205 -imp levels: Silver price fades upside momentum around weekly top, portrays bearish chart pattern.
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- Silver price fades upside momentum around weekly top, portrays bearish chart pattern.
- MACD signals add strength to the bearish bias but 100-HMA challenges further downside.
- 200-HMA adds to the XAG/USD’s upside filters ahead of the flag’s top.
The pair currently trades last at 19.205.
The previous day high was 19.23 while the previous day low was 18.95. The daily 38.2% Fib levels comes at 19.06, expected to provide support. Similarly, the daily 61.8% fib level is at 19.13, expected to provide support.
Silver price (XAG/USD) retreats towards $19.00, mildly offered near $19.20 during Friday’s initial Asian session. In doing so, the bright metal eases inside the weekly ascending trend channel forming the part of a bear flag formation suggesting further downside.
In addition to the bearish chart pattern, downbeat MACD signals also keep XAG/USD sellers hopeful.
However, the 100-HMA adds to the downside filters at around $19.05, in addition to the flag’s support line near $19.10. Also acting as support is the $19.00 threshold.
Should the silver price drops below $19.00, it confirms the south-run (theoretically) towards $17.00. Though, the monthly and the yearly lows, respectively near $18.70 and $18.10, probe the XAG/USD sellers during the anticipated fall.
On the contrary, silver buyers will have to refresh the weekly high, currently around $19.40, to regain the market’s confidence.
Even so, the 200-HMA and the upper line of the stated flag, close to $19.45 and $19.50 in that order, could challenge the XAG/USD buyers. Following that, a run-up towards the $20.00 threshold can’t be ruled out.
Trend: Further weakness expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 19.22 at the time of writing. Pair opened at 19.11 and is trading with a change of 0.58% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 19.22 |
| 1 | Today Daily Change | 0.11 |
| 2 | Today Daily Change % | 0.58% |
| 3 | Today daily open | 19.11 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 19.99, 50 SMA 19.88, 100 SMA @ 21.33 and 200 SMA @ 22.51.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 19.99 |
| 1 | Daily SMA50 | 19.88 |
| 2 | Daily SMA100 | 21.33 |
| 3 | Daily SMA200 | 22.51 |
The previous day high was 19.23 while the previous day low was 18.95. The daily 38.2% Fib levels comes at 19.06, expected to provide support. Similarly, the daily 61.8% fib level is at 19.13, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 18.97, 18.82, 18.69
- Pivot resistance is noted at 19.25, 19.38, 19.53
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 19.23 |
| Previous Daily Low | 18.95 |
| Previous Weekly High | 20.88 |
| Previous Weekly Low | 19.03 |
| Previous Monthly High | 20.37 |
| Previous Monthly Low | 18.15 |
| Daily Fibonacci 38.2% | 19.06 |
| Daily Fibonacci 61.8% | 19.13 |
| Daily Pivot Point S1 | 18.97 |
| Daily Pivot Point S2 | 18.82 |
| Daily Pivot Point S3 | 18.69 |
| Daily Pivot Point R1 | 19.25 |
| Daily Pivot Point R2 | 19.38 |
| Daily Pivot Point R3 | 19.53 |
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