Silver's price dropped 0.79% after hitting a daily high of $27.73, as another inflation report in the United States showed warmer-than-expected inflation. The grey metal failed to capitalize on the fall in US Treasury yields, courtesy of a stronger US Dollar. At the time of writing, the XAG/USD trades at $27.21.
Despite retracing, the XAG/USD uptrend is intact, with dips viewed as opportunities for buyers to keep Silver's bid. During the last four trading days, Silver sellers had remained unable to push prices below the 50% Fibonacci retracement at $27.05, of the Fib drawn from the swing low at $24.34 to the latest high at $29.76.
For a bullish resumption, once traders surpass the $28.00 figure, that would pave the way for further upside. The first resistance would be the 23.6% Fib retracement at $28.48, followed by the $29.00 mark. The next supply area would be the year-to-date (YTD) high at $29.76.
On the flip side, bears could find some relief if XAG/USD slides below the 50% Fib retracement at $27.05, followed by the 61.8% retracement at $26.41. A subsequent dip is seen below that level, exposing the confluence of the 50-day moving average (DMA) and the 78.6% Fib retracement at $25.50.
Overview | |
---|---|
Today last price | 27.24 |
Today Daily Change | -0.19 |
Today Daily Change % | -0.69 |
Today daily open | 27.43 |
Trends | |
---|---|
Daily SMA20 | 27.46 |
Daily SMA50 | 25.33 |
Daily SMA100 | 24.24 |
Daily SMA200 | 23.76 |
Levels | |
---|---|
Previous Daily High | 27.58 |
Previous Daily Low | 26.98 |
Previous Weekly High | 29.02 |
Previous Weekly Low | 27.62 |
Previous Monthly High | 25.77 |
Previous Monthly Low | 22.51 |
Daily Fibonacci 38.2% | 27.35 |
Daily Fibonacci 61.8% | 27.21 |
Daily Pivot Point S1 | 27.08 |
Daily Pivot Point S2 | 26.74 |
Daily Pivot Point S3 | 26.49 |
Daily Pivot Point R1 | 27.67 |
Daily Pivot Point R2 | 27.92 |
Daily Pivot Point R3 | 28.27 |
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