Silver Price Analysis: XAG/USD hangs near one-week low, just above mid-$24.00s


  • Silver drifts lower for the second straight day and touches a one-and-half-week low.
  • The mixed technical setup warrants caution before placing aggressive bearish bets.
  • A convincing break below the 38.2% Fibo. level will set the stage for deeper losses.

Silver (XAG/USD) extends the previous day's sharp retracement slide from the $25.75-$25.80 region, or its highest level since early December and remains under some selling pressure for the second straight day on Friday. The white metal maintains its offered tone through the early part of the European session and is currently placed around mid-$24.00s, just above a one-and-half-week low touched earlier today.

From a technical perspective, the overnight breakdown through the $24.85-$24.80 horizontal support, coinciding with the 23.6% Fibonacci retracement level of the February-March rally was seen as a fresh trigger for bearish traders. The subsequent slide, however, stalls ahead of the 38.2% Fibo. level, which should now act as a key pivotal point. Meanwhile, oscillators on the daily chart – though have been losing traction – are still holding in the positive territory.

Hence, it will be prudent to wait for a sustained break below the said support near the $24.30 region before positioning for any further depreciating move for the XAG/USD. The corrective decline could then drag the white metal below the $24.00 round-figure mark, towards testing the 50% Fibo. level support near the $23.85 zone en route to the $23.40 confluence, comprising the 61.8% Fibo. and the very important 200-day Simple Moving Average (SMA).

On the flip side, the $24.80 horizontal support breakpoint could act as an immediate hurdle ahead of the $25.00 psychological mark. A sustained strength beyond the latter might trigger a bout of a short-covering rally towards the $25.50 region en route to the YTD peak, around the $25.75-$25.80 region. This is followed by the December 2023 swing high, just ahead of the $26.00 round figure, which if cleared decisively will set the stage for additional gains.

Silver daily chart

fxsoriginal

XAG/USD

Overview
Today last price 24.58
Today Daily Change -0.16
Today Daily Change % -0.65
Today daily open 24.74
 
Trends
Daily SMA20 24.03
Daily SMA50 23.26
Daily SMA100 23.46
Daily SMA200 23.34
 
Levels
Previous Daily High 25.77
Previous Daily Low 24.64
Previous Weekly High 25.45
Previous Weekly Low 24.01
Previous Monthly High 23.5
Previous Monthly Low 21.93
Daily Fibonacci 38.2% 25.07
Daily Fibonacci 61.8% 25.34
Daily Pivot Point S1 24.33
Daily Pivot Point S2 23.92
Daily Pivot Point S3 23.21
Daily Pivot Point R1 25.46
Daily Pivot Point R2 26.18
Daily Pivot Point R3 26.59

 

 

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