#XAGUSD @ 25.517 Silver price remains firmer around the highest levels in a year, seesaws of late., @nehcap view: Further upside expected (Pivot Orderbook analysis)
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- Silver price remains firmer around the highest levels in a year, seesaws of late.
- Clear upside break of previous key resistance lines, bullish MACD signals favor buyers to aim for April 2022 high.
- Overbought RSI can test the XAG/USD bulls around $26.00 round figure.
The pair currently trades last at 25.517.
The previous day high was 25.67 while the previous day low was 25.04. The daily 38.2% Fib levels comes at 25.43, expected to provide support. Similarly, the daily 61.8% fib level is at 25.28, expected to provide support.
Silver price (XAG/USD) clings to mild gains around $25.50-55 during early Thursday as bulls take a breather after refreshing the highest levels in a year the previous day. Also challenging the immediate XAG/USD upside is the overbought RSI (14) line.
However, a clear upside break of the one-week-old descending resistance line, now immediate support near $25.45, joins sustained trading beyond a one-month-old ascending trend line, close to $25.15, to keep the Silver buyers hopeful.
It’s worth noting that the precious metal’s successful U-turn from the previous resistance line from late March, around $25.10 by the press time, also challenges the Silver sellers.
In a case where the Silver price remains downbeat past $25.10, the $25.00 round figure and the 100-SMA support of $23.35 will act as the last defense of the XAG/USD bulls.
On the flip side, the $26.00 round figure may join the overbought RSI (14) to challenge the Silver buyers, a break of which could propel the XAG/USD price towards the April 2022 high of near $26.25.
Following the previous yearly high of around $26.95 and the $27.00 threshold will be in focus.
Overall, the Silver price remains on the bull’s radar despite the latest inaction around the multi-day top.
Trend: Further upside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 25.54 at the time of writing. Pair opened at 25.5 and is trading with a change of 0.16% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 25.54 |
| 1 | Today Daily Change | 0.04 |
| 2 | Today Daily Change % | 0.16% |
| 3 | Today daily open | 25.5 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.62, 50 SMA 22.38, 100 SMA @ 22.85 and 200 SMA @ 21.19.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.62 |
| 1 | Daily SMA50 | 22.38 |
| 2 | Daily SMA100 | 22.85 |
| 3 | Daily SMA200 | 21.19 |
The previous day high was 25.67 while the previous day low was 25.04. The daily 38.2% Fib levels comes at 25.43, expected to provide support. Similarly, the daily 61.8% fib level is at 25.28, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 25.14, 24.78, 24.51
- Pivot resistance is noted at 25.77, 26.04, 26.4
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 25.67 |
| Previous Daily Low | 25.04 |
| Previous Weekly High | 25.14 |
| Previous Weekly Low | 23.57 |
| Previous Monthly High | 24.16 |
| Previous Monthly Low | 19.90 |
| Daily Fibonacci 38.2% | 25.43 |
| Daily Fibonacci 61.8% | 25.28 |
| Daily Pivot Point S1 | 25.14 |
| Daily Pivot Point S2 | 24.78 |
| Daily Pivot Point S3 | 24.51 |
| Daily Pivot Point R1 | 25.77 |
| Daily Pivot Point R2 | 26.04 |
| Daily Pivot Point R3 | 26.40 |
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