Silver prices have slightly increased, putting an end to a three-day period of losses. However, it is predicted that there will only be a slight improvement in the market.
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- Silver Price prints mild gains while snapping three-day losing streak.
The pair currently trades last at 24.255.
The previous day high was 24.82 while the previous day low was 24.16. The daily 38.2% Fib levels comes at 24.41, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.57, expected to provide resistance.
Silver Price (XAG/USD) picks up bids to defend the week-start rebound above the $24.00 amid early Monday in Asia. In doing so, the XAG/USD prints the first daily gain in four while reversing from the 10-day Exponential Moving Average (EMA).
Apart from the Silver Price rebound from the 10-EMA, the bullish MACD signals and the upbeat RSI (14) line, not overbought, also underpins the Silver Price recovery to $24.25 by the press time.
However, a convergence of the commodity’s 23.6% Fibonacci retracement of the March–May upside and a four-month-old downward-sloping trend line, close to $24.75–80 at the latest, appears the key for the XAG/USD bulls to cross to retake control.
Following that, the Silver Price run-up towards the previous monthly high of around $25.00 and July’s peak of $25.30 will be in the spotlight.
Meanwhile, a downside break of the 10-EMA level of $24.10, needs validation from the $24.00 round figure to convince the intraday sellers of the Silver.
Even so, the 50-EMA and 38.2% Fibonacci retracement together offer a tough nut to crack for the Silver bears around $23.75.
To sum up, the XAG/USD is likely to portray a corrective bounce amid the US Labor Day Holiday.
Trend: Limited recovery expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.25 at the time of writing. Pair opened at 24.18 and is trading with a change of 0.29% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.25 |
| 1 | Today Daily Change | 0.07 |
| 2 | Today Daily Change % | 0.29% |
| 3 | Today daily open | 24.18 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.43, 50 SMA 23.68, 100 SMA @ 23.93 and 200 SMA @ 23.43.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.43 |
| 1 | Daily SMA50 | 23.68 |
| 2 | Daily SMA100 | 23.93 |
| 3 | Daily SMA200 | 23.43 |
The previous day high was 24.82 while the previous day low was 24.16. The daily 38.2% Fib levels comes at 24.41, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.57, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 23.95, 23.72, 23.28
- Pivot resistance is noted at 24.62, 25.06, 25.29
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.82 |
| Previous Daily Low | 24.16 |
| Previous Weekly High | 25.02 |
| Previous Weekly Low | 24.05 |
| Previous Monthly High | 25.02 |
| Previous Monthly Low | 22.23 |
| Daily Fibonacci 38.2% | 24.41 |
| Daily Fibonacci 61.8% | 24.57 |
| Daily Pivot Point S1 | 23.95 |
| Daily Pivot Point S2 | 23.72 |
| Daily Pivot Point S3 | 23.28 |
| Daily Pivot Point R1 | 24.62 |
| Daily Pivot Point R2 | 25.06 |
| Daily Pivot Point R3 | 25.29 |
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