The price of silver, denoted by #XAGUSD, is hovering close to its highest point in two weeks, following a significant increase that has not been seen since July. According to the perspective of @nehcap, it is anticipated that there will be additional gains in the future.
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- Silver Price grinds near the highest level in a fortnight after rising the most since mid-July.
The pair currently trades last at 23.309.
The previous day high was 23.32 while the previous day low was 22.67. The daily 38.2% Fib levels comes at 23.07, expected to provide support. Similarly, the daily 61.8% fib level is at 22.92, expected to provide support.
Silver Price (XAG/USD) remains firmer at the highest level in two weeks despite making rounds of $23.30 during the early hours of Tuesday’s Asian session.
The bright metal’s upside break of a one-month-old descending trend line joins the 100-SMA breakout and the bullish MACD signals to lure the buyers.
With this, the commodity appears well set to prod the 200-SMA level of around $23.75. However, the support-turned-resistance line stretched from late June, close to $23.90 by the press time, will test the XAG/USD buyers afterward.
Following that, the $24.00 round may act as an extra check for the Silver bulls before directing them to the late July swing high of near $24.85.
On the flip side, the 100-SMA level of around $23.15 precedes the $23.00 round figure to restrict the XAG/USD’s short-term downside.
Also challenging the Silver bears is the previous resistance line stretched from late July, close to $22.75 at the latest.
In a case where the XAG/USD remains bearish past $22.75, the odds of witnessing a slump toward June’s low of $22.11 and the $22.00 threshold can’t be ruled out.
Overall, the Silver buyers are back in the driver’s seat after the previous day’s heavy run-up.
Trend: Further upside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 23.31 at the time of writing. Pair opened at 23.31 and is trading with a change of 0.00% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 23.31 |
| 1 | Today Daily Change | 0.00 |
| 2 | Today Daily Change % | 0.00% |
| 3 | Today daily open | 23.31 |
The pair is trading below its 20 Daily moving average @ 23.42, below its 50 Daily moving average @ 23.52 , below its 100 Daily moving average @ 24.01 and above its 200 Daily moving average @ 23.3
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.42 |
| 1 | Daily SMA50 | 23.52 |
| 2 | Daily SMA100 | 24.01 |
| 3 | Daily SMA200 | 23.30 |
The previous day high was 23.32 while the previous day low was 22.67. The daily 38.2% Fib levels comes at 23.07, expected to provide support. Similarly, the daily 61.8% fib level is at 22.92, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 22.88, 22.45, 22.23
- Pivot resistance is noted at 23.53, 23.75, 24.18
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.32 |
| Previous Daily Low | 22.67 |
| Previous Weekly High | 23.01 |
| Previous Weekly Low | 22.23 |
| Previous Monthly High | 25.27 |
| Previous Monthly Low | 22.52 |
| Daily Fibonacci 38.2% | 23.07 |
| Daily Fibonacci 61.8% | 22.92 |
| Daily Pivot Point S1 | 22.88 |
| Daily Pivot Point S2 | 22.45 |
| Daily Pivot Point S3 | 22.23 |
| Daily Pivot Point R1 | 23.53 |
| Daily Pivot Point R2 | 23.75 |
| Daily Pivot Point R3 | 24.18 |
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