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Home Silver Price Silver Price Analysis: XAG/USD retreats from immediate resistance line towards $24.00

Silver Price Analysis: XAG/USD retreats from immediate resistance line towards $24.00

by daisy

1. Silver price begins trading week on a back foot, reverses the previous day’s run-up at weekly top.

2. RSI’s retreat from above 50.0 levels suggests further pullback in XAG/USD price.

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3. 100-SMA, fortnight-long horizontal support zone restrict short-term declines of the Silver price.

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4. Silver bears remain hopeful unless witnessing sustained break of 50% Fibonacci retracement.

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Silver Price (XAG/USD) consolidates the previous day’s gains, the biggest in over a week, while easing within a two-week-old descending triangle formation during early Monday. In doing so, the bright metal drops to $24.05 by reversing from the triangle’s top line.

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In addition to the pullback from the aforementioned triangle’s upper line, the RSI’s retreat from the above-50.0 region also favors the XAG/USD price pullback.

However, the 100-SMA and the stated triangle’s bottom line, respectively near $23.70 and $23.20, limit the short-term downside of the Silver price. Also challenging the XAG/USD bears are the bullish MACD signals.

Should the Silver Price remains bearish past $23.20, the $23.00 threshold may act as an extra filter towards the south before directing the bears to the previous monthly low of around $22.70.

Alternatively, XAG/USD recovery needs validation from the triangle’s breakout towards the north. In that case, the previously stated resistance line, around $24.20, will be in the spotlight.

Even so, a sustained break of the 50% Fibonacci retracement of the metal’s May 05-25 downturn, near $24.45, quickly followed by the $24.50 round figure, will be necessary to convince the Silver buyers.

Overall, Silver price consolidates recent gains amid a sluggish Asian session on the Juneteenth holiday in the US.

Silver price: Four-hour chart

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Trend: Limited downside expected

ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price 24.08
Today Daily Change -0.12
Today Daily Change % -0.50%
Today daily open 24.2
TRENDS
Daily SMA20 23.63
Daily SMA50 24.43
Daily SMA100 23.36
Daily SMA200 22.4
LEVELS
Previous Daily High 24.21
Previous Daily Low 23.84
Previous Weekly High 24.4
Previous Weekly Low 23.22
Previous Monthly High 26.14
Previous Monthly Low 22.68
Daily Fibonacci 38.2% 24.07
Daily Fibonacci 61.8% 23.98
Daily Pivot Point S1 23.96
Daily Pivot Point S2 23.71
Daily Pivot Point S3 23.58
Daily Pivot Point R1 24.33
Daily Pivot Point R2 24.46
Daily Pivot Point R3 24.7

 

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