The price of silver, represented as XAGUSD, is experiencing an increase in demand as it tries to maintain its recovery from the main support line from Thursday. However, according to @nehcap’s perspective, there is only a limited possibility for further price advancement.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- Silver Price picks up bids to defend Thursday’s recovery from the key support line.
The pair currently trades last at 22.778.
The previous day high was 23.0 while the previous day low was 22.63. The daily 38.2% Fib levels comes at 22.86, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.77, expected to provide support.
Silver Price (XAG/USD) refreshes intraday high near $22.75 during early Friday as it stretches the previous day’s corrective bounce off an ascending support line from March 14.
It’s worth noting, however, that the bearish MACD signals join a convergence of the 200-DMA and a five-month-old previous support line to challenge the Silver buyers near $23.25-30.
Following that, the late July swing low of around $24.00 and June’s peak of around $24.55 will lure the Silver buyers.
Though, the previous monthly top of around $25.30 and a four-month-long horizontal resistance area near $26.10-15 appear major challenges for the XAG/USD bulls afterward.
Meanwhile, a daily closing below the previously mentioned rising support line, close to $22.60 by the press time, could quickly fetch the Silver Price towards a region comprising multiple levels marked since mid-March, close to $22.10. Also acting as a downside filter is the $22.00 round figure.
In a case where the XAG/USD remains bearish below $22.00, the odds of witnessing the commodity’s slump toward early March’s swing high of near $21.30 can’t be ruled out.
Overall, the Silver Price slips off the bear’s radar but remains less lucrative for buyers below $23.30.
Trend: Limited upside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 22.76 at the time of writing. Pair opened at 22.71 and is trading with a change of 0.22% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 22.76 |
| 1 | Today Daily Change | 0.05 |
| 2 | Today Daily Change % | 0.22% |
| 3 | Today daily open | 22.71 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 24.15, 50 SMA 23.68, 100 SMA @ 24.06 and 200 SMA @ 23.24.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 24.15 |
| 1 | Daily SMA50 | 23.68 |
| 2 | Daily SMA100 | 24.06 |
| 3 | Daily SMA200 | 23.24 |
The previous day high was 23.0 while the previous day low was 22.63. The daily 38.2% Fib levels comes at 22.86, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.77, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 22.56, 22.4, 22.18
- Pivot resistance is noted at 22.93, 23.15, 23.3
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.00 |
| Previous Daily Low | 22.63 |
| Previous Weekly High | 24.84 |
| Previous Weekly Low | 23.23 |
| Previous Monthly High | 25.27 |
| Previous Monthly Low | 22.52 |
| Daily Fibonacci 38.2% | 22.86 |
| Daily Fibonacci 61.8% | 22.77 |
| Daily Pivot Point S1 | 22.56 |
| Daily Pivot Point S2 | 22.40 |
| Daily Pivot Point S3 | 22.18 |
| Daily Pivot Point R1 | 22.93 |
| Daily Pivot Point R2 | 23.15 |
| Daily Pivot Point R3 | 23.30 |
[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.
- EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
- EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group
