The price of silver, symbolized by XAGUSD, remains low after falling from its highest point in three weeks. Nehcap anticipates that the price will continue to decline further.
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- Silver Price stays depressed after reversing from three-week high.
The pair currently trades last at 24.129.
The previous day high was 24.36 while the previous day low was 23.41. The daily 38.2% Fib levels comes at 24.0, expected to provide support. Similarly, the daily 61.8% fib level is at 23.77, expected to provide support.
Silver Price (XAG/USD) remains pressured around $24.15 amid the early hours of Friday’s Asian session after reversing from a three-week high the previous day. In doing so, the bright metal portrays the market’s cautious mood ahead of today’s top-tier central bankers’ speeches at the Jackson Hole Symposium, including Federal Reserve (Fed) Chairman Jerome Powell.
That said, the XAG/USD justified the overbought RSI (14) line and a looming bear cross on the MACD while reversing from a multi-day high on Thursday. However, the 38.2% Fibonacci retracement level of the commodity’s late June-July upside, near the $24.00 round figure, prods the sellers amid anxious markets.
Even if the quote breaks the immediate Fibonacci ratio, the 200-SMA level of around $23.80 can act as the final defense of the buyers.
Following that, a quick slump toward the 61.8% Fibonacci retracement surrounding $23.30, also known as the “Golden Ratio”, can’t be ruled out.
Meanwhile, the latest peak of around $24.35 can lure Silver buyers during the fresh recovery.
Even so, the 23.6% Fibonacci retracement and a downward-sloping resistance line from late July, respectively near $24.55 and $24.65, will challenge the XAG/USD bulls before giving them control.
Trend: Further downside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.15 at the time of writing. Pair opened at 24.32 and is trading with a change of -0.70% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.15 |
| 1 | Today Daily Change | -0.17 |
| 2 | Today Daily Change % | -0.70% |
| 3 | Today daily open | 24.32 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.32, 50 SMA 23.52, 100 SMA @ 23.99 and 200 SMA @ 23.32.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.32 |
| 1 | Daily SMA50 | 23.52 |
| 2 | Daily SMA100 | 23.99 |
| 3 | Daily SMA200 | 23.32 |
The previous day high was 24.36 while the previous day low was 23.41. The daily 38.2% Fib levels comes at 24.0, expected to provide support. Similarly, the daily 61.8% fib level is at 23.77, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 23.7, 23.08, 22.75
- Pivot resistance is noted at 24.65, 24.98, 25.6
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.36 |
| Previous Daily Low | 23.41 |
| Previous Weekly High | 23.01 |
| Previous Weekly Low | 22.23 |
| Previous Monthly High | 25.27 |
| Previous Monthly Low | 22.52 |
| Daily Fibonacci 38.2% | 24.00 |
| Daily Fibonacci 61.8% | 23.77 |
| Daily Pivot Point S1 | 23.70 |
| Daily Pivot Point S2 | 23.08 |
| Daily Pivot Point S3 | 22.75 |
| Daily Pivot Point R1 | 24.65 |
| Daily Pivot Point R2 | 24.98 |
| Daily Pivot Point R3 | 25.60 |
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