Note

Silver Price Analysis: XAG/USD battles with six-week-old support with eyes on $18.00

· Views 34
  • Silver price remains pressured around intraday low, down for the second consecutive day.
  • Bearish oscillators, U-turn from 61.8% Fibonacci retracement suggest XAG/USD’s further downside.
  • 10-DMA adds strength to the $19.00 upside hurdle, three-month-old support challenge sellers.

Silver price (XAG/USD) stays on the back foot at around $18.30 as bears attack the short-term key support line during Thursday’s Asian session. In doing so, the bright metal extends the previous day’s losses while approaching the weekly low.

Given the metal’s pullback moves from the 61.8% Fibonacci retracement level of September-October upside joining the bearish MACD signals and downbeat RSI (14), not oversold, the XAG/USD is likely to remain weak.

However, the RSI line is quickly approaching the oversold territory and the prices are also near the strong support zone comprising multiple levels marked since early July, around $18.00.

Even if the quote declines below $18.00, the yearly low near $17.55 could act as the additional downside filter for the bullion.

Hence, the silver bears have limited downside room to cheer.

On the flip side, the 10-DMA joins the 61.8% Fibonacci retracement level to highlight the $19.00 as a strong near-term resistance.

Following that, multiple hurdles near $19.15-20 may test the silver buyers before directing them to the $20.00 threshold.

In a case where XAG/USD stays firmer past $20.00, tops marked in August and earlier in the month, respectively near $20.90 and $21.25, will be in focus.

Silver: Daily chart

Silver Price Analysis: XAG/USD battles with six-week-old support with eyes on $18.00

Trend: Limited downside expected

Additional important levels

Overview
Today last price 18.33
Today Daily Change -0.13
Today Daily Change % -0.70%
Today daily open 18.46
Trends
Daily SMA20 19.3
Daily SMA50 19.21
Daily SMA100 19.75
Daily SMA200 21.75
Levels
Previous Daily High 18.81
Previous Daily Low 18.37
Previous Weekly High 20.19
Previous Weekly Low 18.09
Previous Monthly High 20.02
Previous Monthly Low 17.56
Daily Fibonacci 38.2% 18.54
Daily Fibonacci 61.8% 18.64
Daily Pivot Point S1 18.28
Daily Pivot Point S2 18.1
Daily Pivot Point S3 17.84
Daily Pivot Point R1 18.73
Daily Pivot Point R2 18.99
Daily Pivot Point R3 19.17

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

No comment on record. Start new comment.