- Silver pulls back from a high of $27.43 as it interacts with key Fibonacci levels.
- The XAG/USD pair is consolidating within the Fibonacci range of $27.05 – $27.70.
- A break above $27.70 could open the way to higher resistances at $28.00 and possibly extend towards $29.00 and the yearly high at $29.76.
- If it falls below $27.05, silver could look for supports at $26.41 and the crucial $25.50 level.
During the North American session on Monday, the price of Silver fell at the last minute. It lost around 0.10% after reaching a daily high of $27.43 during the North American session. At the time of writing, the XAG/USD pair is trading at $27.12.
XAG/USD Price Analysis: Technical Outlook
The daily chart of at $29.76.
For a bullish continuation, traders need to reclaim the top of the mentioned range at $27.70 in order to threaten to break the $28.00 milestone. Once overcome, the next resistance would be the 23.6% retracement at $28.48, followed by $29.00. The next supply zone would be the yearly high at $29.76.
On the other hand, bears could find some relief if A further decline is seen below that level. A further decline is seen below that level, exposing the confluence of the 50-day moving average (DMA) and the 78.6% Fibonacci retracement at $25.50.
XAG/USD Price Action – Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
