Note

Silver Price Forecast: Weekly support tests XAG/USD bears around $25.50

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  • Silver prices remain on the back foot after Friday’s Doji.
  • 50-HMA also restricts nearby downside, two-day-old resistance line holds the key to fresh run-up.

Silver (XAG/USD) justifies Friday’s bearish Doji by declining 0.30% intraday to $25.45 during Monday’s initial Asian session.

In addition to the trend reversal suggesting candlestick on the daily chart, a steady RSI line also backs downside momentum.

Silver: Daily chart

Silver Price Forecast: Weekly support tests XAG/USD bears around $25.50

Trend: Further downside expected

That said, the bright metal currently drops towards the 50-HMA and one-week-old support line, respectively around $25.40 and $25.35 in that order.

However, any further weakness past $25.35 won’t hesitate to direct the XAG/USD bears towards the 200-HMA level of $25.15, a break of which will recall the $25.00 to the chart.

In a case where silver prices remain bearish past $25.00, the monthly low near $24.30 will be in focus.

Alternatively, a downward sloping trend line from Thursday, near $25.60 by the press time, guards the quote’s immediate upside.

Following that, the last week’s high of $25.85 and the $26.00 threshold will test the XAG/USD bulls.

Should silver bulls dominate beyond $26.00, the monthly high of $26.95, also the highest since June 2021, will be on their radars.

Silver: Hourly chart

Silver Price Forecast: Weekly support tests XAG/USD bears around $25.50

Trend: Further weakness expected

Additional important levels

Overview
Today last price 25.44
Today Daily Change -0.09
Today Daily Change % -0.35%
Today daily open 25.53
Trends
Daily SMA20 25.36
Daily SMA50 24.24
Daily SMA100 23.7
Daily SMA200 23.96
Levels
Previous Daily High 25.73
Previous Daily Low 25.26
Previous Weekly High 25.85
Previous Weekly Low 24.58
Previous Monthly High 25.62
Previous Monthly Low 22.01
Daily Fibonacci 38.2% 25.44
Daily Fibonacci 61.8% 25.55
Daily Pivot Point S1 25.28
Daily Pivot Point S2 25.04
Daily Pivot Point S3 24.82
Daily Pivot Point R1 25.75
Daily Pivot Point R2 25.97
Daily Pivot Point R3 26.22

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