Silver Price Analysis: XAG/USD capped below a key resistance area at $19.60/70


  • Silver prices tick down after failing to breach the $19.60/70 resistance area.
  • The 100-day SMA and 50% Fibonacci retracement are putting a lid on XAG/USD's recovery.
  • The near-term bias remains positive, with downside attempts limited at $19.30.

Silver prices have ticked lower on Thursday, as the recovery from Tuesday’s low at $18.80, failed about 100 pips higher, capped by an important resistance hurdle.

Silver bulls, capped at the 100-day SMA

The XAG/USD seems unable to break above the resistance area at $19.60/70, where the 100-day SMA and the 50% Fibonacci retracement of the October 4 to 14 decline are posing a significant resistance to the white metal's recovery.

The pair seems to have lost momentum on Thursday, weighed by a somewhat firmer US dollar,  although it maintains the near-term positive bias, with downside attempts limited above the 38.2% Fibonacci retracement, at $19.30 and the 50-day SMA, at $19.10.

On the upside, a confirmation above $19.70 would face another key resistance area in the vicinity of the $20.00 psychological level (September 9, 12, and 21 highs and the 61,8% Fib level of the aforementioned decline) before aiming at $20.85 October 6 and 7 highs.

A bearish reaction below the 50-day SMA, at $19.10 would negate the positive trend and set the pair aiming towards, $18.80 (Oct 25 low) and October 14 low at $18.10.

Technical levels to watch

XAG/USD

Overview
Today last price 19.44
Today Daily Change -0.14
Today Daily Change % -0.72
Today daily open 19.58
 
Trends
Daily SMA20 19.41
Daily SMA50 19.1
Daily SMA100 19.61
Daily SMA200 21.65
 
Levels
Previous Daily High 19.78
Previous Daily Low 19.22
Previous Weekly High 19.44
Previous Weekly Low 18.23
Previous Monthly High 20.02
Previous Monthly Low 17.56
Daily Fibonacci 38.2% 19.56
Daily Fibonacci 61.8% 19.43
Daily Pivot Point S1 19.27
Daily Pivot Point S2 18.96
Daily Pivot Point S3 18.71
Daily Pivot Point R1 19.84
Daily Pivot Point R2 20.09
Daily Pivot Point R3 20.4

 

 

 

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