The price of silver, represented by #XAGUSD, dropped below the 50-day Moving Average and ended the day at $23.53.
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- Silver price falls below the 50-day Moving Average to close at $23.53.
The pair currently trades last at 23.545.
The previous day high was 24.3 while the previous day low was 23.96. The daily 38.2% Fib levels comes at 24.09, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.17, expected to provide resistance.
Silver price retraces and breaks technical support at the 50-day Moving Average (DMA) on Tuesday after hitting a daily high of $23.99. The $23.71 area was surpassed late in the New York session, which witnessed the white metal printing a daily close of $23.53. At the time of writing, XAG/USD is trading at $23.53, registering minuscule gains of 0.03%.
The XAG/USD price action shows the white metal is tilted to the downside, but the trend is unclear. As of writing, it’s shy of clearing the 200-DMA at $23.46, which is seen as a bearish signal that could make prices tumble. In that case, the first support would be the $23.00 psychological level, followed by the August 15 swing low of $22.23. On the flip side, the XAG/USD first resistance would be the 50-DA at $23.71, followed by the $24.00 mark.
From an intraday perspective, XAG/USD is downward biased, with first support emerging at yesterday’s low of $23.46. Once cleared, the next support would be the S1 daily pivot at $23.34, followed by the S2 pivot point at $23.14. On the flip side, the daily pivot at $23.68 is the first resistance level, followed by the R1 daily pivot at $23.86.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 23.55 at the time of writing. Pair opened at 24.0 and is trading with a change of -1.88 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 23.55 |
| 1 | Today Daily Change | -0.45 |
| 2 | Today Daily Change % | -1.88 |
| 3 | Today daily open | 24.00 |
The pair is trading above its 20 Daily moving average @ 23.47, below its 50 Daily moving average @ 23.7 , below its 100 Daily moving average @ 23.92 and above its 200 Daily moving average @ 23.44
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.47 |
| 1 | Daily SMA50 | 23.70 |
| 2 | Daily SMA100 | 23.92 |
| 3 | Daily SMA200 | 23.44 |
The previous day high was 24.3 while the previous day low was 23.96. The daily 38.2% Fib levels comes at 24.09, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.17, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 23.88, 23.76, 23.55
- Pivot resistance is noted at 24.21, 24.42, 24.54
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.30 |
| Previous Daily Low | 23.96 |
| Previous Weekly High | 25.02 |
| Previous Weekly Low | 24.05 |
| Previous Monthly High | 25.02 |
| Previous Monthly Low | 22.23 |
| Daily Fibonacci 38.2% | 24.09 |
| Daily Fibonacci 61.8% | 24.17 |
| Daily Pivot Point S1 | 23.88 |
| Daily Pivot Point S2 | 23.76 |
| Daily Pivot Point S3 | 23.55 |
| Daily Pivot Point R1 | 24.21 |
| Daily Pivot Point R2 | 24.42 |
| Daily Pivot Point R3 | 24.54 |
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