The price of silver, represented by #XAGUSD at 25.171, is fluctuating near its highest point in ten weeks following a two-day period of gains. However, it is currently lacking the upward momentum it has displayed in recent times. According to the viewpoint of @nehcap, there is expected to be limited potential for further gains.
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- Silver Price seesaws around 10-week high after two-day winning streak, lacks upside momentum of late.
The pair currently trades last at 25.171.
The previous day high was 25.24 while the previous day low was 24.94. The daily 38.2% Fib levels comes at 25.13, expected to provide support. Similarly, the daily 61.8% fib level is at 25.06, expected to provide support.
Silver Price (XAG/USD) remains sidelined around $25.15 as bulls take a breather after a two-day uptrend at the 2.5-month high amid Thursday’s sluggish Asian session. In doing so, the XAG/USD justifies overbought RSI but stays on the bull’s radar.
That said, bullish MACD signals joined the previous week’s upside break of a horizontal area comprising multiple tops marked since early January, around $24.50-55, to enable the Silver Price to refresh the multi-day top.
With this, the XAG/USD bulls are likely to occupy the driver’s seat unless witnessing a daily closing below $24.50.
Following that, the metal’s downturn toward the 50-DMA level of around $23.60 appears imminent.
However, a convergence of the 200-DMA and an upward-sloping support line from March 10, close to $22.90, will be crucial for the XAG/USD bears to conquer before retaking control.
On the flip side, the $26.00 round figure remains on the radar of intraday Silver buyers before targeting the “double top” formation level of around $26.10-15.
Should the XAG/USD ignores overbought RSI and crosses the $26.15 hurdle, the odds of witnessing a stellar run-up towards the previous yearly high of around $27.00 can’t be ruled out.
Trend: Limited upside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 25.15 at the time of writing. Pair opened at 25.14 and is trading with a change of 0.04% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 25.15 |
| 1 | Today Daily Change | 0.01 |
| 2 | Today Daily Change % | 0.04% |
| 3 | Today daily open | 25.14 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.42, 50 SMA 23.56, 100 SMA @ 23.65 and 200 SMA @ 22.85.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.42 |
| 1 | Daily SMA50 | 23.56 |
| 2 | Daily SMA100 | 23.65 |
| 3 | Daily SMA200 | 22.85 |
The previous day high was 25.24 while the previous day low was 24.94. The daily 38.2% Fib levels comes at 25.13, expected to provide support. Similarly, the daily 61.8% fib level is at 25.06, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 24.98, 24.81, 24.68
- Pivot resistance is noted at 25.27, 25.4, 25.57
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 25.24 |
| Previous Daily Low | 24.94 |
| Previous Weekly High | 25.02 |
| Previous Weekly Low | 22.75 |
| Previous Monthly High | 24.53 |
| Previous Monthly Low | 22.11 |
| Daily Fibonacci 38.2% | 25.13 |
| Daily Fibonacci 61.8% | 25.06 |
| Daily Pivot Point S1 | 24.98 |
| Daily Pivot Point S2 | 24.81 |
| Daily Pivot Point S3 | 24.68 |
| Daily Pivot Point R1 | 25.27 |
| Daily Pivot Point R2 | 25.40 |
| Daily Pivot Point R3 | 25.57 |
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