- Silver is again under selling pressure on the last day of the week.
- The technical situation supports the prospects of a new movement of intraday depreciation.
- A sustained move beyond the $24.50-$24.55 area will negate the negative bias.
Silver extends the previous day’s pullback from the $24.30 zone, meaning more than a 1-week high, and remains under some selling pressure on Friday. The white metal maintains its tone offered in the middle of the European session and is currently near the daily low, around the $23.70 area.
From a technical point of view, XAG/USD has, thus far, managed to defend the lower end of a four-day-old uptrend channel. Said support coincides with the 100 hourly SMA and should now act as a pivot point for short-term traders. As hourly oscillators have been gaining negative traction, a convincing break below will set the stage for further losses.
XAG/USD could then accelerate the decline towards intermediate support near the $23.50-$23.45 zone before finally dipping to test levels below $23.00. This is followed by the weekly low, around the $22.75 area hit on Monday. The continuation of the selling could lead the commodity to test the next support near $22.00.
On the other hand, the daily high, around $24.00, could act as an immediate hurdle. If it goes higher, it could run into resistance near the $24.25-$24.30 zone, ahead of the $24.50-$24.55 bid zone, or a multi-month high made on January 16. If the uptrend holds, XAU/USD could retrace the psychological signal of $25.00 for the first time since April 2022.
Silver 1 hour chart
Key levels to watch
|Last price today||23.74|
|Today Daily Variation||-0.18|
|today’s daily variation||-0.75|
|today’s daily opening||23.92|
|previous daily high||24.3|
|previous daily low||23.6|
|Previous Weekly High||24.51|
|previous weekly low||23.17|
|Previous Monthly High||24.3|
|Previous monthly minimum||22.03|
|Fibonacci daily 38.2||24.03|
|Fibonacci 61.8% daily||23.87|
|Daily Pivot Point S1||23.58|
|Daily Pivot Point S2||23.24|
|Daily Pivot Point S3||22.89|
|Daily Pivot Point R1||24.27|
|Daily Pivot Point R2||24.63|
|Daily Pivot Point R3||24.97|
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.