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Silver Price Analysis: XAG/USD consolidates above 10-day EMA to regain $27.00

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  • Silver prices extend recovery moves from $26.48 after flashing the heaviest losses in the week.
  • RSI normalization suggest further run-up, monthly resistance line questions the bulls.
  • Sellers will have a bumpy road with 21-day EMA and one-month-old rising trend line acting as nearby supports.

Silver picks up bids near $26.90, up 0.60% on a day, amid the Asian session on Thursday. The white metal dropped to the low of $26.48 the previous day but couldn’t end the day below 10-day EMA. The resulted pullback took clues from RSI’s gradual moves to the normal 70-30 area while increasing the odds of the further upside.

However, a downward sloping trend line from August 07 near $28.10 becomes necessary for the commodity to attack $28.50 and the $29.00 round-figures during the further upside.

If at all the quote manages to cross $29.00, the multi-month top flashed earlier in the month, around $29.85, followed by the $30.00 threshold, will challenge the bulls.

On the downside, a daily closing below 10-day EMA level of $26.75 will aim for 21-day EMA close to $25.50. Though, any more declines past-$25.50 will need a strong break below an ascending trend line from July 18, at $25.00 now, to challenge the monthly bottom surrounding $23.40/45.

Silver daily chart

Silver Price Analysis: XAG/USD consolidates above 10-day EMA to regain $27.00

Trend: Bullish

Additional important levels

Overview
Today last price 26.94
Today Daily Change 0.21
Today Daily Change % 0.79%
Today daily open 26.73
Trends
Daily SMA20 25.82
Daily SMA50 21.41
Daily SMA100 18.73
Daily SMA200 17.85
Levels
Previous Daily High 28.03
Previous Daily Low 26.49
Previous Weekly High 29.41
Previous Weekly Low 23.44
Previous Monthly High 26.21
Previous Monthly Low 17.76
Daily Fibonacci 38.2% 27.08
Daily Fibonacci 61.8% 27.44
Daily Pivot Point S1 26.14
Daily Pivot Point S2 25.54
Daily Pivot Point S3 24.59
Daily Pivot Point R1 27.68
Daily Pivot Point R2 28.63
Daily Pivot Point R3 29.22

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