- Silver is finding some selling for the second day in a row and is pulling away from a multi-week high.
- The technical set-up seems to remain tilted in favor of the bulls and supports the prospects for further gains.
- A sustained break below the $19.20 area is needed to negate the short-term bullish outlook.
Silver is down for the second day in a row and continues to pull back from a six-week high reached on Monday. The white metal remains under pressure during the European session on Wednesday and is currently hovering near a two-day low around the $20.40-$20.35 region.
This zone signals confluence support, comprising the 50-day SMA and the 50% Fibonacci retracement of the $22.52 drop to $18.15. A convincing break below this region could spark some technical selling and drag XAG/USD back towards the psychological $20.00 level.
This last level should act as a key point, which if broken decisively would make XAG/USD vulnerable. A follow up sell below the $19.80-$19.75 zone ($38.2% Fibonacci) would reaffirm the negative bias and expose the 23.6% Fibonacci around the $19.20 zone.
This is followed by the $19.00 level, below which XAG/USD could accelerate to the next relevant support near the $18.40 area. Further below, prices could fall to challenge the yearly low, around the $18.15 zone touched on July 14.
On the other hand, the $20.65-$20.70 zone seems to act as an immediate resistance ahead of the Fibonacci 61.8% around the $20.85 region and the $21.00 round level. Sustained strength above this region would be seen as a new trigger for the bulls and pave the way for further gains.
The post-up move has the potential to lift XAG/USD towards intermediate resistance near the $21.40-$21.50 zone on the way to the 100-day SMA, currently around the $21.85 region, and the of $22.00.
silver daily chart
silver key levels
XAG/USD
Overview | |
---|---|
last price today | 20.4 |
daily change today | -0.13 |
Today’s daily change % | -0.63 |
Daily opening today | 20.53 |
Trends | |
---|---|
daily SMA20 | 19.4 |
daily SMA50 | 20.32 |
daily SMA100 | 21.89 |
daily SMA200 | 22.76 |
levels | |
---|---|
Previous daily high | 20.74 |
Previous Daily Low | 20.42 |
Previous Weekly High | 20.51 |
Previous Weekly Low | 19.55 |
Previous Monthly High | 20.37 |
Previous Monthly Low | 18.15 |
Daily Fibonacci of 38.2%. | 20.54 |
Daily Fibonacci of 61.8% | 20.62 |
Daily Pivot Point S1 | 20.38 |
Daily Pivot Point S2 | 20.23 |
Daily Pivot Point S3 | 20.05 |
Daily Pivot Point R1 | 20.71 |
Daily Pivot Point R2 | 20.89 |
Daily Pivot Point R3 | 21.04 |
Source: Fx Street

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