#XAGUSD @ 21.044 Silver price fades bounce off 100-SMA, retreats from three-day-old resistance line., @nehcap view: Further weakness expected (Pivot Orderbook analysis)
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
- Silver price fades bounce off 100-SMA, retreats from three-day-old resistance line.
- Bearish RSI divergence keeps sellers hopeful to aim for 200-SMA.
- Monthly support line adds to the downside filters, buyers need validation from $21.30.
The pair currently trades last at 21.044.
The previous day high was 21.02 while the previous day low was 20.58. The daily 38.2% Fib levels comes at 20.75, expected to provide support. Similarly, the daily 61.8% fib level is at 20.85, expected to provide support.
Silver price (XAG/USD) retreats from intraday high as sellers approach $21.00 during early Tuesday morning in Europe.
In doing so, the bright metal eases from a downward sloping trend line from Thursday while consolidating the first daily gains in six.
It’s worth noting that the lower high formation in the last three days join higher-high on the Relative Strength Index (RSI) placed at 14, which in turn portrays a hidden bearish divergence and suggests further downside of the metal.
That said, the 100-SMA level surrounding $20.80 acts as an immediate support ahead of directing the XAG/USD bears towards the $20.00 psychological magnet.
In a case where silver sellers keep the reins past $20.00, the 200-SMA and one-month-old ascending trend line, respectively near $19.95 and $19.80, could challenge the bearish bias for the metal.
Alternatively, sustained trading beyond the aforementioned resistance line, close to $21.15 at the latest, could tease the XAG/USD buyers.
Even so, October’s peak and 23.6% Fibonacci retracement level of the metal’s upside between October and November, near $21.30, could challenge the silver bulls before directing them to the monthly high of $22.25.
Trend: Further weakness expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 21.08 at the time of writing. Pair opened at 20.86 and is trading with a change of 1.05% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 21.08 |
| 1 | Today Daily Change | 0.22 |
| 2 | Today Daily Change % | 1.05% |
| 3 | Today daily open | 20.86 |
The pair is trading above its 20 Daily moving average @ 20.52, above its 50 Daily moving average @ 19.8 , above its 100 Daily moving average @ 19.52 and below its 200 Daily moving average @ 21.42
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 20.52 |
| 1 | Daily SMA50 | 19.80 |
| 2 | Daily SMA100 | 19.52 |
| 3 | Daily SMA200 | 21.42 |
The previous day high was 21.02 while the previous day low was 20.58. The daily 38.2% Fib levels comes at 20.75, expected to provide support. Similarly, the daily 61.8% fib level is at 20.85, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 20.63, 20.39, 20.19
- Pivot resistance is noted at 21.06, 21.25, 21.49
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 21.02 |
| Previous Daily Low | 20.58 |
| Previous Weekly High | 22.25 |
| Previous Weekly Low | 20.75 |
| Previous Monthly High | 21.24 |
| Previous Monthly Low | 18.09 |
| Daily Fibonacci 38.2% | 20.75 |
| Daily Fibonacci 61.8% | 20.85 |
| Daily Pivot Point S1 | 20.63 |
| Daily Pivot Point S2 | 20.39 |
| Daily Pivot Point S3 | 20.19 |
| Daily Pivot Point R1 | 21.06 |
| Daily Pivot Point R2 | 21.25 |
| Daily Pivot Point R3 | 21.49 |
[/s2If]
Join Our Telegram Group
