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    Silver Price Analysis: XAG/USD moves away from YTD peak, slides below $25.00 mark

    Source Fxstreet
    Mar 19, 2024 08:56
    • Silver extends its recent pullback from the YTD top, though the downside seems limited.
    • The setup favours support prospects for the emergence of dip-buying near mid-$24.00s.
    • Weakness below the latter might prompt fresh selling and pave the way for deeper losses.

    Silver (XAG/USD) remains under some selling pressure for the second successive day on Tuesday and retreats further from the YTD peak, around the $25.45 region touched last week. The white metal continues losing ground through the first half of the European session and drops to a fresh daily low, around the $24.85-$24.80 area in the last hour.

    From a technical perspective, the recent breakout through the very important 200-day Simple Moving (SMA) and a subsequent strength beyond the $24.50-$24.60 horizontal barrier favour bullish traders. Moreover, oscillators on the daily chart – though have been retreating from higher levels – are still holding comfortably in the positive territory. This, in turn, supports prospects for the emergence of some dip-buying and warrants some caution before positioning for any further depreciating move.

    Meanwhile, the $24.60-$24.50 resistance breakpoint now seems to protect the immediate downside. Any further decline could be seen as a buying opportunity and is more likely to remain limited near the $24.15-$24.10 region. This is followed by the $24.00 round-figure mark, which if broken decisively might shift the bias in favour of bearish traders. The XAG/USD might then accelerate the corrective decline back towards the 200-day SMA support, currently pegged near the $23.35-$23.30 region.

    On the flip side, momentum back above the $25.00 psychological mark might confront some resistance near the $25.20 region ahead of the YTD peak, around the $25.45 area. Some follow-through buying will reaffirm the near-term positive outlook and allow the XAG/USD to aim back to challenge the December 2023 swing high – levels just ahead of the $26.00 round figure. The latter should act as a pivotal point, which if cleared will pave the way for an extension of over a two-week-old uptrend.

    Silver daily chart

    fxsoriginal

    XAG/USD

    Overview
    Today last price 24.86
    Today Daily Change -0.18
    Today Daily Change % -0.72
    Today daily open 25.04
     
    Trends
    Daily SMA20 23.7
    Daily SMA50 23.13
    Daily SMA100 23.39
    Daily SMA200 23.32
     
    Levels
    Previous Daily High 25.33
    Previous Daily Low 24.95
    Previous Weekly High 25.45
    Previous Weekly Low 24.01
    Previous Monthly High 23.5
    Previous Monthly Low 21.93
    Daily Fibonacci 38.2% 25.09
    Daily Fibonacci 61.8% 25.18
    Daily Pivot Point S1 24.88
    Daily Pivot Point S2 24.72
    Daily Pivot Point S3 24.5
    Daily Pivot Point R1 25.26
    Daily Pivot Point R2 25.49
    Daily Pivot Point R3 25.65

     

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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