The current price of silver, represented by #XAGUSD, is at 23.588 and is once again attempting to break through the 200-SMA resistance level. It has successfully bounced back from a support line that has been in place for multiple days. According to the viewpoint of @nehcap, it is anticipated that there will be more upward movement in price.
…
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 Price again aims to cross 200-SMA hurdle, defends recovery from multi-day-old support line.
The pair currently trades last at 23.588.
The previous day high was 23.8 while the previous day low was 23.23. The daily 38.2% Fib levels comes at 23.58, expected to provide support. Similarly, the daily 61.8% fib level is at 23.44, expected to provide support.
Silver Price (XAG/USD) stays defensive around $23.60 amid early Monday in Asia, keeping the previous day’s rebound from the six-week-old support line below the 200-SMA hurdle. In doing so, the XAG/USD seeks fresh clues to extend the three-week downtrend.
Given the steady RSI (14) line and the recently bullish MACD signals, the Silver Price is likely to extend the latest rebound from an upward-sloping support line from late June, close to $23.20. However, a clear upside break of the 200-SMA hurdle of around $23.80 becomes necessary for the XAG/USD buyer’s conviction.
Following that, the $24.00 round figure and a one-week-long descending resistance line can check the Silver bulls before directing them to the $25.00 round figure and then to the previous monthly high of around $25.30.
On the flip side, the 61.8% Fibonacci retracement of the XAG/USD’s late June to early July upside, near $23.30, offers immediate support to the Silver Price before the previously stated key trend line support of around $23.20.
In a case where the Silver Price breaks the $23.20 support, the $23.00 threshold may act as the final defense of the buyers before giving control to the XAG/USD bears.
Trend: Further upside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 23.64 at the time of writing. Pair opened at 23.63 and is trading with a change of 0.04% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 23.64 |
| 1 | Today Daily Change | 0.01 |
| 2 | Today Daily Change % | 0.04% |
| 3 | Today daily open | 23.63 |
The pair is trading below its 20 Daily moving average @ 24.35, below its 50 Daily moving average @ 23.73 , below its 100 Daily moving average @ 24.05 and above its 200 Daily moving average @ 23.17
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 24.35 |
| 1 | Daily SMA50 | 23.73 |
| 2 | Daily SMA100 | 24.05 |
| 3 | Daily SMA200 | 23.17 |
The previous day high was 23.8 while the previous day low was 23.23. The daily 38.2% Fib levels comes at 23.58, expected to provide support. Similarly, the daily 61.8% fib level is at 23.44, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 23.3, 22.98, 22.73
- Pivot resistance is noted at 23.87, 24.12, 24.44
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.80 |
| Previous Daily Low | 23.23 |
| Previous Weekly High | 24.84 |
| Previous Weekly Low | 23.23 |
| Previous Monthly High | 25.27 |
| Previous Monthly Low | 22.52 |
| Daily Fibonacci 38.2% | 23.58 |
| Daily Fibonacci 61.8% | 23.44 |
| Daily Pivot Point S1 | 23.30 |
| Daily Pivot Point S2 | 22.98 |
| Daily Pivot Point S3 | 22.73 |
| Daily Pivot Point R1 | 23.87 |
| Daily Pivot Point R2 | 24.12 |
| Daily Pivot Point R3 | 24.44 |
[/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
