Silver price remains at a low point for the past two weeks following a three-day period of losses. The viewpoint of @nehcap suggests that there is a likelihood of the price decreasing even further.
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- Silver Price stays depressed at two-week low after three-day losing streak.
The pair currently trades last at 24.301.
The previous day high was 24.73 while the previous day low was 24.26. The daily 38.2% Fib levels comes at 24.44, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.55, expected to provide resistance.
Silver Price (XAG/USD) remains on the back foot at the lowest levels in two weeks despite making rounds to $24.30 amid Tuesday’s Asian session. In doing so, the XAG/USD justifies the oversold RSI (14) line as bears take a breather after the commodities decline in the last three consecutive days.
Although the RSI conditions test the Silver sellers, a clear downside break of the 13-day-old ascending trend line and the bearish MACD signals suggest further downside of the precious metal. The same highlights 50% Fibonacci retracement of the quote’s May-June downside, near $24.10.
However, a convergence of the 200-SMA and 38.2% Fibonacci retracement, at $23.65 by the press time, appears a tough nut to crack for the XAG/USD bears afterward.
In a case where the Silver Price remains bearish past $23.65, an upward-sloping support line from June 23, close to $23.30 at the latest, will act as the final defense of the XAG/USD buyers.
On the flip side, XAG/USD recovery needs validation from the previous support line and the 61.8% Fibonacci retracement, respectively around $24.45 and $24.60, to convince buyers.
Even so, the $25.00 round figure and the latest peak of around $25.30 could check the upside momentum before fueling the Silver Price toward the double tops marked in April and May around $26.15.
Trend: Further downside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.31 at the time of writing. Pair opened at 24.35 and is trading with a change of -0.16% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.31 |
| 1 | Today Daily Change | -0.04 |
| 2 | Today Daily Change % | -0.16% |
| 3 | Today daily open | 24.35 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.73, 50 SMA 23.59, 100 SMA @ 23.76 and 200 SMA @ 22.94.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.73 |
| 1 | Daily SMA50 | 23.59 |
| 2 | Daily SMA100 | 23.76 |
| 3 | Daily SMA200 | 22.94 |
The previous day high was 24.73 while the previous day low was 24.26. The daily 38.2% Fib levels comes at 24.44, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.55, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 24.17, 23.98, 23.7
- Pivot resistance is noted at 24.63, 24.91, 25.09
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.73 |
| Previous Daily Low | 24.26 |
| Previous Weekly High | 25.27 |
| Previous Weekly Low | 24.59 |
| Previous Monthly High | 24.53 |
| Previous Monthly Low | 22.11 |
| Daily Fibonacci 38.2% | 24.44 |
| Daily Fibonacci 61.8% | 24.55 |
| Daily Pivot Point S1 | 24.17 |
| Daily Pivot Point S2 | 23.98 |
| Daily Pivot Point S3 | 23.70 |
| Daily Pivot Point R1 | 24.63 |
| Daily Pivot Point R2 | 24.91 |
| Daily Pivot Point R3 | 25.09 |
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