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

Source Fxstreet
Apr 1, 2024 08:55
  • 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.
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