XAGUSD has experienced a consistent increase over the course of four days on the daily chart and is currently stabilizing within the price range of $24.50 to $25.20.
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- Four days of steady upward momentum on the daily chart, with XAG/USD consolidating around the $24.50-$25.20 zone.
The pair currently trades last at 25.175.
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 achieves modest gains on Wednesday amid falling US Treasury bond yields despite overall US Dollar (USD) strength across the FX board. Soft US housing data, and yesterday’s mixed Retail Sales figures, boosted the USD. That said, the XAG/USD is trading at $25.14, above its opening price by 0.34%.
The XAG/USD daily chart portrays the white metal as upward biased, rising steadily during the last four days after the July 13 rally of almost 3%. Since then, the XAG/USD has remained at around the $24.50-$25.20 area, consolidating ahead of testing strong resistance at the May 11 daily high of $25.47, ahead of the XAG/USD’s reaching the year-to-date (YTD) high of $26.13.
From an intraday perspective, the XAG/USD 4-hour chart portrays the pair as upward biased but forming a rising wedge, which could pave the way for a pullback. Still, the presence of the 20-Exponential Moving Average (EMA) at around $24.95 tracks XAG/USD price action and might cap Silver’s fall, once it breaks out.
The XAG/USD first support would be the $25.00 figure. Once cleared, the next support would be the 20-EMA at $24.95, followed by the June 9 daily high at $24.52. A breakout below that level would expose a strong support area at around $24.00/25.
Conversely, if XAG/USD rallies past the top of the rising wedge, the following supply area would be the May 11 daily high at $25.47, followed by the May 10 high at $25.91.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 25.17 at the time of writing. Pair opened at 25.06 and is trading with a change of 0.44 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 25.17 |
| 1 | Today Daily Change | 0.11 |
| 2 | Today Daily Change % | 0.44 |
| 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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