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Silver Price Analysis: XAG/USD slips below $27.50 as doji on 4H recall sellers

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  • Silver takes a U-turn from form the weekly high of $27.52.
  • Bearish candlestick formation highlights 50-bar SMA, 61.8% of Fibonacci retracement for sellers.
  • Friday’s top holds the key to pair’s further upside.

Silver refrains from extending the previous day’s bullish momentum while declining to $27.32, down 0.66% on a day, amid the early Thursday. In doing so, the white metal respects the Doji candlestick formation on the four-hour (4H) chart.

Considering this, sellers are currently targeting a 50-bar SMA level of $23.03, a break of which could direct them to 61.8% Fibonacci retracement of August 14-18 upside, at 26.78.

Should the bears conquer the key Fibonacci support, $26.00 and $25.75 holds the key to the quote’s slump towards the monthly bottom surrounding $23.40.

Meanwhile, a clear break of $27.55, comprising Friday’s peak, can trigger the bullion’s fresh rise towards $28.00 and then to $28.47.

While the bulls are less likely to find acceptance above $28.50, a surprise run-up might not hesitate to challenge the multi-month high near $29.85.

Silver four-hour chart

Silver Price Analysis: XAG/USD slips below $27.50 as doji on 4H recall sellers

Trend: Further weakness expected

Additional important levels

Overview
Today last price 27.32
Today Daily Change -0.19
Today Daily Change % -0.69%
Today daily open 27.51
Trends
Daily SMA20 26.62
Daily SMA50 22.36
Daily SMA100 19.34
Daily SMA200 18.1
Levels
Previous Daily High 27.51
Previous Daily Low 26.1
Previous Weekly High 28.47
Previous Weekly Low 25.83
Previous Monthly High 26.21
Previous Monthly Low 17.76
Daily Fibonacci 38.2% 26.97
Daily Fibonacci 61.8% 26.64
Daily Pivot Point S1 26.57
Daily Pivot Point S2 25.63
Daily Pivot Point S3 25.16
Daily Pivot Point R1 27.98
Daily Pivot Point R2 28.45
Daily Pivot Point R3 29.39

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