Silver reached a new high in two months on Tuesday at the price of 24.925 for XAGUSD. However, there was no subsequent increase beyond this point.
…
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 touches a fresh two-month peak on Tuesday, albeit lacks any follow-through.
The pair currently trades last at 24.925.
The previous day high was 24.94 while the previous day low was 24.6. The daily 38.2% Fib levels comes at 24.73, expected to provide support. Similarly, the daily 61.8% fib level is at 24.81, expected to provide support.
Silver catches fresh bids on Tuesday and climbs to over a two-month peak, albeit continues with its struggle to find acceptance or build on the momentum beyond the $25.00 psychological mark. The technical setup, meanwhile, suggests that the path of least resistance for the white metal is to the upside.
Last week’s sustained breakout through the $24.50-$24.60 static barrier, which coincided with the 61.8% Fibonacci retracement level of the May-June downfall was seen as a fresh trigger for bullish traders. This, along with the fact that oscillators on the daily chart are holding in the positive territory, validates the outlook and supports prospects for a further near-term appreciating move for the XAG/USD.
The subsequent move up could get extended further towards the $25.50-$25.55 region, above which the XAG/USD might aim to reclaim the $26.00 round figure and then challenge the YTD peak, around the $26.10-$26.15 area touched in May. Some follow-through buying will set the stage for an extension of the recent goodish rebound from the vicinity of the $22.00 mark, or a three-month low touched in June.
On the flip side, the $24.50 resistance breakpoint (61.8% Fibo. level) now seems to protect the immediate downside, below which the XAG/USD could slide towards testing the $24.00 mark. This is followed by supports near the $23.65-$23.60 area and the $23.20-$23.15 zone. A convincing break below the $23.00 round figure will negate the positive outlook and shift the bias in favour of bearish traders.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.92 at the time of writing. Pair opened at 24.85 and is trading with a change of 0.28 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.92 |
| 1 | Today Daily Change | 0.07 |
| 2 | Today Daily Change % | 0.28 |
| 3 | Today daily open | 24.85 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.2, 50 SMA 23.57, 100 SMA @ 23.56 and 200 SMA @ 22.79.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.20 |
| 1 | Daily SMA50 | 23.57 |
| 2 | Daily SMA100 | 23.56 |
| 3 | Daily SMA200 | 22.79 |
The previous day high was 24.94 while the previous day low was 24.6. The daily 38.2% Fib levels comes at 24.73, expected to provide support. Similarly, the daily 61.8% fib level is at 24.81, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 24.65, 24.46, 24.31
- Pivot resistance is noted at 24.99, 25.14, 25.34
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.94 |
| Previous Daily Low | 24.60 |
| Previous Weekly High | 25.02 |
| Previous Weekly Low | 22.75 |
| Previous Monthly High | 24.53 |
| Previous Monthly Low | 22.11 |
| Daily Fibonacci 38.2% | 24.73 |
| Daily Fibonacci 61.8% | 24.81 |
| Daily Pivot Point S1 | 24.65 |
| Daily Pivot Point S2 | 24.46 |
| Daily Pivot Point S3 | 24.31 |
| Daily Pivot Point R1 | 24.99 |
| Daily Pivot Point R2 | 25.14 |
| Daily Pivot Point R3 | 25.34 |
[/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
