#XAGUSD @ 26.012 Silver price seesaws after refreshing multi-day high, prods three-day uptrend., @nehcap view: Pullback expected (Pivot Orderbook analysis)
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- Silver price seesaws after refreshing multi-day high, prods three-day uptrend.
- Overbought RSI, failure to cross descending resistance line from April 2022 lure XAG/USD bears.
- 21-day EMA, four-month-old horizontal support can restrict immediate downside.
- Silver buyers need validation from $26.25 to aim for 2022 peak.
The pair currently trades last at 26.012.
The previous day high was 26.06 while the previous day low was 25.44. The daily 38.2% Fib levels comes at 25.83, expected to provide support. Similarly, the daily 61.8% fib level is at 25.68, expected to provide support.
Silver price (XAG/USD) prints mild gains around $26.00 as bulls take a breather at the highest levels since April 2022 during early Friday.
In doing so, the XAG/USD price takes a U-turn from a downward-sloping resistance line from April 2022 amid the overbought RSI (14) line.
As a result, the bright metal is likely to witness further pullback in the prices, which in turn highlights the late April swing high of around $25.50.
However, the 21-day Exponential Moving Average (EMA) and a horizontal area comprising multiple levels marked since January, respectively near $25.05 and $24.60-50, can challenge the Silver bears past $25.50.
It’s worth noting that the XAG/USD’s weakness past $24.50 makes it vulnerable to dropping toward the 61.8% Fibonacci retracement level of the March-September 2022 downturn, near $23.35.
On the contrary, the Silver price may regain upside momentum by providing a daily close beyond the previously stated 13-month-old resistance line, close to $26.15 by the press time. Even so, the April 2022 peak of around $26.25 can prod the XAG/USD bulls before giving them control.
In that case, the last year’s high of around $26.95 and the $27.00 round figure could gain the Silver buyer’s attention.
Trend: Pullback expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 26.01 at the time of writing. Pair opened at 26.04 and is trading with a change of -0.12% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 26.01 |
| 1 | Today Daily Change | -0.03 |
| 2 | Today Daily Change % | -0.12% |
| 3 | Today daily open | 26.04 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 25.23, 50 SMA 23.37, 100 SMA @ 23.3 and 200 SMA @ 21.7.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 25.23 |
| 1 | Daily SMA50 | 23.37 |
| 2 | Daily SMA100 | 23.30 |
| 3 | Daily SMA200 | 21.70 |
The previous day high was 26.06 while the previous day low was 25.44. The daily 38.2% Fib levels comes at 25.83, expected to provide support. Similarly, the daily 61.8% fib level is at 25.68, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 25.64, 25.23, 25.01
- Pivot resistance is noted at 26.26, 26.47, 26.88
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 26.06 |
| Previous Daily Low | 25.44 |
| Previous Weekly High | 25.36 |
| Previous Weekly Low | 24.49 |
| Previous Monthly High | 26.09 |
| Previous Monthly Low | 23.57 |
| Daily Fibonacci 38.2% | 25.83 |
| Daily Fibonacci 61.8% | 25.68 |
| Daily Pivot Point S1 | 25.64 |
| Daily Pivot Point S2 | 25.23 |
| Daily Pivot Point S3 | 25.01 |
| Daily Pivot Point R1 | 26.26 |
| Daily Pivot Point R2 | 26.47 |
| Daily Pivot Point R3 | 26.88 |
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