The price of silver, represented by #XAGUSD, is showing defensive behavior as it bounces back from a support level of $24.00 that has been in place for several days. The view from @nehcap suggests that any potential recovery in the price will likely be limited.
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- Silver Price (XAG/USD) remains defensive as it rebounds from a multi-day-old support confluence around $24.00.
The pair currently trades last at 24.339.
The previous day high was 24.41 while the previous day low was 24.09. The daily 38.2% Fib levels comes at 24.29, expected to provide support. Similarly, the daily 61.8% fib level is at 24.21, expected to provide support.
Silver Price (XAG/USD) pares weekly losses while grinding higher past the $24.00 support confluence, mildly bid near $24.35 amid the early hours of Monday’s Asian session.
In doing so the bright metal extends the previous day’s corrective bounce off the convergence of a 200-Exponential Moving Average (EMA) and the 38.2% Fibonacci retracement of the XAG/USD’s late June-July upside after falling in the last two consecutive weeks.
It’s worth noting that a gradually rising RSI (14) line joins the looming bull cross on the MACD to underpin the XAG/USD rebound.
However, the previous support line stretched from early July, close to $24.85 at the latest, restricts the immediate upside of the Silver Price.
Following that, a seven-day-long descending resistance line near $25.10 can prod the Silver buyers before directing them to refresh the monthly high, currently around $25.30.
Meanwhile, XAG/USD pullback needs validation from the $24.00 support confluence comprising the 200-EMA and 38.2% Fibonacci retracement to aim for the 50% and 61.8% key Fibonacci retracement supports, around $23.70 and $23.30 in that order.
However, an upward-sloping support line from late June, close to $23.20 by the press time, will restrict the further downside of the Silver price.
Trend: Limited recovery expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.35 at the time of writing. Pair opened at 24.35 and is trading with a change of 0.00% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.35 |
| 1 | Today Daily Change | 0.00 |
| 2 | Today Daily Change % | 0.00% |
| 3 | Today daily open | 24.35 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.09, 50 SMA 23.65, 100 SMA @ 23.93 and 200 SMA @ 23.06.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 24.09 |
| 1 | Daily SMA50 | 23.65 |
| 2 | Daily SMA100 | 23.93 |
| 3 | Daily SMA200 | 23.06 |
The previous day high was 24.41 while the previous day low was 24.09. The daily 38.2% Fib levels comes at 24.29, expected to provide support. Similarly, the daily 61.8% fib level is at 24.21, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 24.16, 23.97, 23.84
- Pivot resistance is noted at 24.48, 24.6, 24.79
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.41 |
| Previous Daily Low | 24.09 |
| Previous Weekly High | 25.15 |
| Previous Weekly Low | 24.04 |
| Previous Monthly High | 24.53 |
| Previous Monthly Low | 22.11 |
| Daily Fibonacci 38.2% | 24.29 |
| Daily Fibonacci 61.8% | 24.21 |
| Daily Pivot Point S1 | 24.16 |
| Daily Pivot Point S2 | 23.97 |
| Daily Pivot Point S3 | 23.84 |
| Daily Pivot Point R1 | 24.48 |
| Daily Pivot Point R2 | 24.60 |
| Daily Pivot Point R3 | 24.79 |
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