The price of silver, represented by #XAGUSD, is facing difficulties in maintaining its corrective bounce from the 21-day moving average (21-DMA) as cautious investors are encouraging potential buyers. According to the viewpoint of Nehcap, it is anticipated that there will be more decline in the future.
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- Silver Price struggles to defend corrective bounce off 21-DMA as risk aversion prods buyers.
The pair currently trades last at 24.404.
The previous day high was 24.76 while the previous day low was 24.13. The daily 38.2% Fib levels comes at 24.37, expected to provide support. Similarly, the daily 61.8% fib level is at 24.52, expected to provide resistance.
Silver Price (XAG/USD) grinds near an intraday high of around $24.40 as it struggles to keep the bounce off 21-DMA during early Wednesday. That said, the bright metal’s latest retreat could be linked to the risk-off mood due to the US credit rating cut by the global rating agency Fitch Ratings.
Also read: Fitch downgrades US government’s AAA credit rating to AA+, US Dollar retreats
It’s worth noting that the XAG/USD snapped a two-day winning streak the previous day but failed to break the 21-DMA.
Even so, the bearish MACD signals and steady RSI, as well as the sour sentiment, challenge the Silver buyers as they brace for the $25.00 round figure.
Following that, a downward-sloping resistance line from early May, close to $25.10, will test the XAG/USD bulls before giving them control.
On the contrary, a daily closing beneath the 21-DMA level of around $24.20 needs validation from the $24.00 round figure to drag the commodity price toward the early July swing high of near $23.30.
However, a convergence of the 200-DMA and a five-month-old rising trend line, close to $23.10, will be a tough challenge for the Silver bears to conquer to keep control afterward.
Trend: Further weakness expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.37 at the time of writing. Pair opened at 24.3 and is trading with a change of 0.29 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.37 |
| 1 | Today Daily Change | 0.07 |
| 2 | Today Daily Change % | 0.29 |
| 3 | Today daily open | 24.30 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.25, 50 SMA 23.69, 100 SMA @ 23.99 and 200 SMA @ 23.11.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 24.25 |
| 1 | Daily SMA50 | 23.69 |
| 2 | Daily SMA100 | 23.99 |
| 3 | Daily SMA200 | 23.11 |
The previous day high was 24.76 while the previous day low was 24.13. The daily 38.2% Fib levels comes at 24.37, expected to provide support. Similarly, the daily 61.8% fib level is at 24.52, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 24.03, 23.76, 23.4
- Pivot resistance is noted at 24.67, 25.03, 25.3
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.76 |
| Previous Daily Low | 24.13 |
| Previous Weekly High | 25.15 |
| Previous Weekly Low | 24.04 |
| Previous Monthly High | 25.27 |
| Previous Monthly Low | 22.52 |
| Daily Fibonacci 38.2% | 24.37 |
| Daily Fibonacci 61.8% | 24.52 |
| Daily Pivot Point S1 | 24.03 |
| Daily Pivot Point S2 | 23.76 |
| Daily Pivot Point S3 | 23.40 |
| Daily Pivot Point R1 | 24.67 |
| Daily Pivot Point R2 | 25.03 |
| Daily Pivot Point R3 | 25.30 |
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