The price of silver, represented by #XAGUSD, has stopped decreasing for two days and rebounded from a low point reached in the past week. According to @nehcap’s opinion, there is anticipation of a continued improvement in its value.
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- Silver Price snaps two-day losing streak while bouncing off one-week low.
The pair currently trades last at 24.683.
The previous day high was 24.92 while the previous day low was 24.59. The daily 38.2% Fib levels comes at 24.72, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.79, expected to provide resistance.
Silver Price (XAG/USD) remains mildly bid around $24.65 amid early Monday morning in Asia. In doing so, the XAG/USD recovers from the 10-DMA and three-month-old horizontal support amid upbeat oscillators.
That said, bullish MACD signals and the upbeat RSI (14) add strength to the upside bias about the XAG/USD price.
It’s worth noting that the $25.00 round figure guards the immediate upside of the Silver Price ahead of the latest swing high of around $25.30.
Following that, the yearly high marked in May around $26.15 will lure the XAG/USD buyers.
Meanwhile, a daily closing below the 10-DMA and a horizontal support area comprising multiple levels marked since late April, respectively near the $24.60 and $24.60-50 region, will convince short-term silver sellers.
Even so, a convergence of the 100-DMA and 38.2% Fibonacci retracement level of its March-May upside, near $23.75 at the latest, appears a tough nut to crack for the Silver buyers.
Following that, an ascending support line stretched from late June, around $23.15 by the press time, can’t be ruled out.
Overall, the Silver Price (XAG/USD) is likely to remain firmer unless breaking $23.15.
Trend: Further recovery expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.67 at the time of writing. Pair opened at 24.6 and is trading with a change of 0.28% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.67 |
| 1 | Today Daily Change | 0.07 |
| 2 | Today Daily Change % | 0.28% |
| 3 | Today daily open | 24.6 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.66, 50 SMA 23.58, 100 SMA @ 23.73 and 200 SMA @ 22.91.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.66 |
| 1 | Daily SMA50 | 23.58 |
| 2 | Daily SMA100 | 23.73 |
| 3 | Daily SMA200 | 22.91 |
The previous day high was 24.92 while the previous day low was 24.59. The daily 38.2% Fib levels comes at 24.72, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.79, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 24.49, 24.38, 24.16
- Pivot resistance is noted at 24.82, 25.03, 25.15
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.92 |
| Previous Daily Low | 24.59 |
| Previous Weekly High | 25.27 |
| Previous Weekly Low | 24.59 |
| Previous Monthly High | 24.53 |
| Previous Monthly Low | 22.11 |
| Daily Fibonacci 38.2% | 24.72 |
| Daily Fibonacci 61.8% | 24.79 |
| Daily Pivot Point S1 | 24.49 |
| Daily Pivot Point S2 | 24.38 |
| Daily Pivot Point S3 | 24.16 |
| Daily Pivot Point R1 | 24.82 |
| Daily Pivot Point R2 | 25.03 |
| Daily Pivot Point R3 | 25.15 |
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