The price of silver (XAGUSD) falls back after reaching a 10-week high due to an overbought Relative Strength Index (14) and bearish Moving Average Convergence Divergence signals. However, the expectation is that there will be only a minimal decline in price.
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- Silver Price retreats from 10-week high amid overbought RSI (14), bearish MACD signals.
The pair currently trades last at 25.026.
The previous day high was 25.17 while the previous day low was 24.77. The daily 38.2% Fib levels comes at 25.02, expected to provide support. Similarly, the daily 61.8% fib level is at 24.92, expected to provide support.
Silver Price (XAG/USD) clings to mild losses at the highest levels in 2.5 months, down 0.10% intraday near $25.05 heading into Wednesday’s European session. In doing so, the XAG/USD justifies the overbought RSI (14) line, as well as the bearish MACD signals to pare the bright metal’s week and monthly gains amid a sluggish trading day, so far.
With the downbeat oscillators suggesting further declines in the Silver Price, an ascending resistance line from May 15, now immediate support around $24.80, gains major attention from the XAG/USD sellers.
Following that, a quick decline toward the convergence of the 50% Fibonacci retracement of the May-June downside and the 50-SMA, near $24.10 at the latest, will be crucial to challenge the Silver bears.
In a case where the XAG/USD bears dominate past $24.10, also break the $24.00 round figure, the Silver bears can aim for the 200-SMA level of around $23.50.
On the contrary, the 78.6% Fibonacci retracement level of $25.30 and the $26.00 round figure can lure the Silver buyers during the quote’s run-up past the latest peak of around $25.15.
It’s worth noting that the yearly high marked in May around $26.15 could join the aforementioned price-negative oscillators to challenge the Silver buyers past the $26.00 hurdle.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 25.02 at the time of writing. Pair opened at 25.06 and is trading with a change of -0.16% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 25.02 |
| 1 | Today Daily Change | -0.04 |
| 2 | Today Daily Change % | -0.16% |
| 3 | Today daily open | 25.06 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.3, 50 SMA 23.56, 100 SMA @ 23.61 and 200 SMA @ 22.82.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.30 |
| 1 | Daily SMA50 | 23.56 |
| 2 | Daily SMA100 | 23.61 |
| 3 | Daily SMA200 | 22.82 |
The previous day high was 25.17 while the previous day low was 24.77. The daily 38.2% Fib levels comes at 25.02, expected to provide support. Similarly, the daily 61.8% fib level is at 24.92, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 24.83, 24.6, 24.43
- Pivot resistance is noted at 25.23, 25.4, 25.64
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 25.17 |
| Previous Daily Low | 24.77 |
| Previous Weekly High | 25.02 |
| Previous Weekly Low | 22.75 |
| Previous Monthly High | 24.53 |
| Previous Monthly Low | 22.11 |
| Daily Fibonacci 38.2% | 25.02 |
| Daily Fibonacci 61.8% | 24.92 |
| Daily Pivot Point S1 | 24.83 |
| Daily Pivot Point S2 | 24.60 |
| Daily Pivot Point S3 | 24.43 |
| Daily Pivot Point R1 | 25.23 |
| Daily Pivot Point R2 | 25.40 |
| Daily Pivot Point R3 | 25.64 |
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