Silver’s price at $23.243 per ounce experienced dip-buying on Wednesday, preventing a decline after reaching its highest level in two weeks.
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- Silver attracts dip-buying on Wednesday and stalls the overnight pullback from a two-week top.
The pair currently trades last at 23.243.
The previous day high was 23.42 while the previous day low was 23.1. The daily 38.2% Fib levels comes at 23.22, expected to provide support. Similarly, the daily 61.8% fib level is at 23.3, expected to provide resistance.
Silver reverses modest intraday losses to the $23.00 neighbourhood and turns neutral during the early European session on Wednesday, albeit lacks follow-through. The white metal currently trades around the $23.20 area, unchanged for the day, and for now, seems to have stalled its retracement slide from a nearly two-week high touched on Tuesday.
From a technical perspective, the recent goodish rebound from the $22.30 support area – representing an ascending trend line extending from the June monthly low – and the emergence of some dip-buying on Wednesday favours bullish traders. That said, the overnight failure to find acceptance above the 38.2% Fibonacci retracement level of the August-September fall and a pullback from the vicinity of the very important 200-day Simple Moving Average (SMA) warrants some caution.
Moreover, oscillators on the daily chart – though have been recovering from lower levels – are still far from confirming a positive bias. Hence, any subsequent move up might continue to attract fresh sellers and is more likely to remain capped near the 200-day SMA, currently pegged near the $22.40-$22.50 area. A sustained strength beyond, however, might prompt a short-covering rally and lift the XAG/USD to the 100-day SMA barrier, around the $23.80 region, en route to the $24.00 mark.
The next relevant hurdle is pegged near the $24.30-$24.35 region, which if cleared decisively should pave the way for a move towards reclaiming the $25.00 psychological mark. The latter coincides with the August monthly swing high and is followed by the July peak, around the $25.25 region. Some follow-through buying will be seen as a fresh trigger for bullish traders and pave the way for a further near-term appreciating move for the XAG/USD.
On the flip side, the daily trough, around the $23.05 area, now seems to protect the immediate downside, ahead of the 23.6% Fibo. level. Any further decline could find decent support near the $23.30 region, or a nearly one-month low touched last Thursday. Failure to defend the said support levels will confirm a bearish breakdown and make the XAG/USD vulnerable. The white metal could then accelerate the downward trajectory towards the next relevant support near the $21.25 zone before eventually dropping to the $21.00 round-figure mark.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 23.2 at the time of writing. Pair opened at 23.2 and is trading with a change of 0.0 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 23.2 |
| 1 | Today Daily Change | 0.0 |
| 2 | Today Daily Change % | 0.0 |
| 3 | Today daily open | 23.2 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 23.63, 50 SMA 23.74, 100 SMA @ 23.7 and 200 SMA @ 23.48.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.63 |
| 1 | Daily SMA50 | 23.74 |
| 2 | Daily SMA100 | 23.70 |
| 3 | Daily SMA200 | 23.48 |
The previous day high was 23.42 while the previous day low was 23.1. The daily 38.2% Fib levels comes at 23.22, expected to provide support. Similarly, the daily 61.8% fib level is at 23.3, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 23.06, 22.92, 22.73
- Pivot resistance is noted at 23.38, 23.56, 23.71
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.42 |
| Previous Daily Low | 23.10 |
| Previous Weekly High | 23.29 |
| Previous Weekly Low | 22.30 |
| Previous Monthly High | 25.02 |
| Previous Monthly Low | 22.23 |
| Daily Fibonacci 38.2% | 23.22 |
| Daily Fibonacci 61.8% | 23.30 |
| Daily Pivot Point S1 | 23.06 |
| Daily Pivot Point S2 | 22.92 |
| Daily Pivot Point S3 | 22.73 |
| Daily Pivot Point R1 | 23.38 |
| Daily Pivot Point R2 | 23.56 |
| Daily Pivot Point R3 | 23.71 |
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