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Market Analysis

Silver Price Forecast: XAG/USD Declines to $29.50, Trailing 50-Day EMA
Amos Simanungkalit · 15.7K Views

Silver prices slipped towards $29.60 per troy ounce early in the European session on Tuesday. Analysis of the daily chart suggests a bearish outlook as the XAG/USD pair consolidates within a descending channel pattern. Furthermore, the 14-day Relative Strength Index (RSI) is below the 50 level, indicating confirmation of a downward trend.

 

The Moving Average Convergence Divergence (MACD) momentum indicator also points to bearish sentiment for Silver. While the MACD line remains above the centerline, suggesting a potentially positive trend, its position below the signal line indicates weakening momentum. A crossover below the centerline would further solidify the downward trend.

 

Looking ahead, immediate support for Silver is anticipated around the 50-day Exponential Moving Average (EMA) near $29.01. A breach below this level could intensify selling pressure towards the psychological support at $28.00 and the lower boundary of the descending channel around $27.76.

 

On the upside, resistance for Silver is likely near the key level of $30.00, followed by the upper boundary of the descending channel at $30.50. A breakthrough above these levels could challenge the four-week high of $31.55 for the XAG/USD pair.

 

 

XAG/USD: Daily Chart

 

image.png

 

 

XAG/USD

 

OVERVIEW
Today last price 29.56
Today Daily Change -0.02
Today Daily Change % -0.07
Today daily open 29.58
 
TRENDS
Daily SMA20 30.11
Daily SMA50 29.16
Daily SMA100 26.81
Daily SMA200 24.98
 
LEVELS
Previous Daily High 29.73
Previous Daily Low 29.35
Previous Weekly High 30.86
Previous Weekly Low 28.93
Previous Monthly High 32.51
Previous Monthly Low 26.02
Daily Fibonacci 38.2% 29.58
Daily Fibonacci 61.8% 29.49
Daily Pivot Point S1 29.38
Daily Pivot Point S2 29.17
Daily Pivot Point S3 29
Daily Pivot Point R1 29.75
Daily Pivot Point R2 29.93
Daily Pivot Point R3 30.13

 

 

 

Paraphrasing text from "FX Street" all rights reserved by the original author.

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