Silver Price Analysis: XAG/USD bulls have the upper hand above $25.00, over one-week top

Source Fxstreet
  • Silver gains positive traction for the third straight day and climbs to over a one-week high.
  • Mixed oscillators on the daily chart warrant some caution for aggressive bullish traders.
  • Weakness below the $25.00 mark is more likely to get bought into and remain limited.

Silver (XAG/USD) builds on last week's bounce from the $24.35 resistance-turned-support zone and gains positive traction for the third successive day on Monday. The white metal sticks to its intraday gains through the first half of the European session and currently trades around the $25.15 region, just below a more than one-week top touched earlier today.

Meanwhile, mixed technical indicators on the daily chart warrant some caution for bullish traders. Hence, any subsequent move up is more likely to confront stiff resistance near the $25.65-$25.75 region, or the YTD peak touched in March. This is closely followed by the December 2023 swing high – levels just ahead of the $26.00 round figure. A sustained strength beyond the said handle should allow the XAG/USD to resume its recent strong uptrend witnessed since late February.

On the flip side, weakness back below the $25.00 psychological mark is likely to attract fresh buyers near the $24.65 region. This should help limit the downside for the XAG/USD near the aforementioned resistance-turned-support, around the $24.35 zone. The latter should act as a key pivotal point, which if broken decisively might shift the bias in favour of bearish traders and drag the white metal to the next relevant support near the $24.15-$24.10 region en route to the $24.00 mark.

Some follow-through selling would make the XAG/SUD vulnerable to accelerate the downward trajectory further towards the 200-day Simple Moving Average (SMA), currently pegged around the $23.35-$23.30 region.

Silver daily chart

fxsoriginal

XAG/USD

Overview
Today last price 25.12
Today Daily Change 0.14
Today Daily Change % 0.56
Today daily open 24.98
 
Trends
Daily SMA20 24.55
Daily SMA50 23.44
Daily SMA100 23.55
Daily SMA200 23.37
 
Levels
Previous Daily High 25
Previous Daily Low 24.39
Previous Weekly High 25
Previous Weekly Low 24.33
Previous Monthly High 25.77
Previous Monthly Low 22.51
Daily Fibonacci 38.2% 24.77
Daily Fibonacci 61.8% 24.63
Daily Pivot Point S1 24.58
Daily Pivot Point S2 24.18
Daily Pivot Point S3 23.97
Daily Pivot Point R1 25.19
Daily Pivot Point R2 25.4
Daily Pivot Point R3 25.8

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Copper Long-term forecast: Will Copper Price Expected To Soar In 2023?The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
Author  Mitrade
Mar 13, 2023
The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
placeholder
Bitcoin CME gaps at $35,000, $27,000 and $21,000, which one gets filled first?Prioritize filling the $27,000 gap and even try higher.
Author  FXStreet
Aug 21, 2023
Prioritize filling the $27,000 gap and even try higher.
placeholder
Gold Price Forecast: XAU/USD holds positive ground above $2,020 ahead of US CPI dataGold price (XAU/USD) drifted higher during the early Asian trading hours on Thursday.
Author  FXStreet
Jan 11, Thu
Gold price (XAU/USD) drifted higher during the early Asian trading hours on Thursday.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, Mon
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Dogecoin Path To $23? Fibonacci Extensions Hint At Massive Upside With Musk-Trump InfluenceElon Musk’s favorite cryptocurrency, Dogecoin (DOGE), could be on the verge of a massive parabolic rally following the recent victory of Republican U.S. presidential candidate Donald Trump.
Author  NewsBTC
Nov 07, Thu
Elon Musk’s favorite cryptocurrency, Dogecoin (DOGE), could be on the verge of a massive parabolic rally following the recent victory of Republican U.S. presidential candidate Donald Trump.
Related Instrument
goTop
quote