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Silver Price Analysis: XAG/USD eyes monthly resistance line while attacking $28.00

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  • Silver prices take the bids near the highest in a week.
  • A falling trend line from August 06 can challenge the bulls.
  • Sellers may take entries below the weekly support line.
  • Sustained trading beyond the key SMA, strong RSI conditions favor buyers.

Silver prices rise to the intraday high of $27.87, while flashing 1.48% gains during the early Tuesday. The white metal cheers successful trading above 200-bar SMA amid strong RSI conditions.

Buyers currently aim for a short-term falling trend line comprising multiple highs marked during the present month, at $28.10 now.

However, the bullion’s further upside will be tamed by $29.40 and the monthly high near $29.85 before highlighting the $30.00 threshold.

Meanwhile, sellers can look for entries below an ascending support line from August 12, near $26.60, which in turn will highlight 61.8% Fibonacci retracement of the metal’s rise from July 17 to August 06 at $23.10.

In a case where the quote remains depressed below $23.10, $23.00 and 200-bar SMA level of $22.80 will be the key to watch.

Silver four-hour chart

Silver Price Analysis: XAG/USD eyes monthly resistance line while attacking $28.00

Trend: Bullish

Additional important levels

Overview
Today last price 27.75
Today Daily Change 0.30
Today Daily Change % 1.09%
Today daily open 27.45
Trends
Daily SMA20 25.31
Daily SMA50 21.04
Daily SMA100 18.46
Daily SMA200 17.75
Levels
Previous Daily High 27.58
Previous Daily Low 25.83
Previous Weekly High 29.41
Previous Weekly Low 23.44
Previous Monthly High 26.21
Previous Monthly Low 17.76
Daily Fibonacci 38.2% 26.91
Daily Fibonacci 61.8% 26.5
Daily Pivot Point S1 26.33
Daily Pivot Point S2 25.2
Daily Pivot Point S3 24.58
Daily Pivot Point R1 28.08
Daily Pivot Point R2 28.7
Daily Pivot Point R3 29.82

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