

Market Analysis
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
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.