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Silver Price Analysis: XAG/USD erases weekly gain, risks deeper pullback

Silver is now trading largely unchanged on the week near $26.82 having put in a high of $27.81 earlier this week

The pullback validates bull fatigue signaled by the long upper wick attached to the previous weekly candle and suggests scope for a deeper drop. 

Support is seen at $25.90 (last week's low), which, if breached, would expose the higher low of $24.60 created in January. On the higher side, the weekly high of $27.81 is the resistance to beat for the bulls. 

Weekly chart

Trend: Bearish

Technical levels

XAG/USD

Overview
Today last price 26.82
Today Daily Change -0.19
Today Daily Change % -0.70
Today daily open 27.01
 
Trends
Daily SMA20 26.2
Daily SMA50 25.79
Daily SMA100 24.92
Daily SMA200 23.28
 
Levels
Previous Daily High 27.53
Previous Daily Low 26.82
Previous Weekly High 30.07
Previous Weekly Low 25.9
Previous Monthly High 27.92
Previous Monthly Low 24.19
Daily Fibonacci 38.2% 27.09
Daily Fibonacci 61.8% 27.26
Daily Pivot Point S1 26.71
Daily Pivot Point S2 26.41
Daily Pivot Point S3 26
Daily Pivot Point R1 27.42
Daily Pivot Point R2 27.83
Daily Pivot Point R3 28.13

 

 

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