The price of silver in relation to the US dollar, represented by #XAGUSD, has increased for the fifth consecutive day and is maintaining its gains near a two-week peak.
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- Silver scales higher for the fifth straight day and sticks to gains near a two-week high.
The pair currently trades last at 23.191.
The previous day high was 23.31 while the previous day low was 22.77. The daily 38.2% Fib levels comes at 23.1, expected to provide support. Similarly, the daily 61.8% fib level is at 22.98, expected to provide support.
Silver attracts some buying for the fifth successive day on Thursday and sticks to its modest intraday gains through the early part of the European session. The white metal currently trades around the $23.20-$23.25 region, up nearly 0.50% for the day, and remains well within the striking distance of over a two-week high touched on Wednesday.
From a technical perspective, the recent recovery from the vicinity of the $22.00 mark, or the multi-month low touched in June, has been along an upward-sloping channel. Adding to this, the overnight sustained strength beyond the $23.00 round figure, which coincided with the 38.2% Fibonacci retracement level of the downfall from the June swing high, was seen as a fresh trigger for bullish traders. This, along with positive oscillators on hourly charts, supports prospects for a further appreciating move for the XAG/USD.
That said, technical indicators on the daily chart are yet to confirm a positive outlook and make it prudent to wait for some follow-through buying beyond the $23.35-$23.40 confluence before placing fresh bullish bets. The said barrier comprises the 200-period Simple Moving Average (SMA) on the 4-hour chart, the top end of the aforementioned channel and the 50% Fibo. level. A convincing breakthrough should lift the XAG/USD towards the $23.60 area, or the 61.8% Fibo., en route to the $24.00 mark and the $24.25 resistance.
On the flip side, the $23.00 resistance breakpoint (38.2% Fibo.) might now protect the immediate downside. Any further slide is more likely to attract some buying and remain limited near the $22.65-$22.70 area, or the 23.6% Fibo. level, which should act as a pivotal point for the XAG/USD. Failure to defend the said support levels could make the XAG/USD vulnerable to slide back towards challenging the $22.00 mark.
Some follow-through selling below the $22.00 mark should pave the way for deeper losses towards the $21.70-$21.65 zone en route to the $21.25 support before the XAG/USD eventually drops to the $21.00 round-figure mark.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 23.23 at the time of writing. Pair opened at 23.13 and is trading with a change of 0.43 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 23.23 |
| 1 | Today Daily Change | 0.10 |
| 2 | Today Daily Change % | 0.43 |
| 3 | Today daily open | 23.13 |
The pair is trading below its 20 Daily moving average @ 23.27, below its 50 Daily moving average @ 23.82 , below its 100 Daily moving average @ 23.38 and above its 200 Daily moving average @ 22.64
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.27 |
| 1 | Daily SMA50 | 23.82 |
| 2 | Daily SMA100 | 23.38 |
| 3 | Daily SMA200 | 22.64 |
The previous day high was 23.31 while the previous day low was 22.77. The daily 38.2% Fib levels comes at 23.1, expected to provide support. Similarly, the daily 61.8% fib level is at 22.98, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 22.83, 22.53, 22.29
- Pivot resistance is noted at 23.37, 23.61, 23.9
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.31 |
| Previous Daily Low | 22.77 |
| Previous Weekly High | 23.10 |
| Previous Weekly Low | 22.28 |
| Previous Monthly High | 24.53 |
| Previous Monthly Low | 22.11 |
| Daily Fibonacci 38.2% | 23.10 |
| Daily Fibonacci 61.8% | 22.98 |
| Daily Pivot Point S1 | 22.83 |
| Daily Pivot Point S2 | 22.53 |
| Daily Pivot Point S3 | 22.29 |
| Daily Pivot Point R1 | 23.37 |
| Daily Pivot Point R2 | 23.61 |
| Daily Pivot Point R3 | 23.90 |
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