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3 Aug 2021

Silver Price Analysis: XAG/USD extends pullback from $25.60 resistance confluence

  • Silver prints two-day downtrend, refreshes intraday low to print mild losses.
  • Sluggish momentum line, sustained trading 21-DMA and seven-week-old resistance line favor sellers.
  • 200-DMA adds to the upside filters, horizontal area from late March challenge bears.

Silver (XAG/USD) takes offers around $25.35, down 0.22% intraday, amid early Tuesday. In doing so, the quote justifies the previous day’s pullback from a confluence of 21-DMA and a descending trend line from June 11.

Considering the downbeat Momentum line and a sustained U-turn from the key hurdle, silver may stretch the latest declines toward the 25.00 threshold and the $24.70 support level.

However, any further weakness will be challenged by a horizontal area comprising lows marked since late March, near $24.45-50.

It’s worth mentioning that a daily close below $24.45 will make silver prices vulnerable to retest the yearly low surrounding $23.77.

Alternatively, an upside break of $25.60 resistance confluence isn’t a free pass to the silver buyers as a 200-DMA level of $25.90 will act like a tough nut to cross.

Should the bright metal rises past $25.90, also cross the $26.00 threshold, odds of its run-up to July tops near $26.80 can’t be ruled out.

Silver: Daily chart

Trend: Further weakness expected

 

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USD/CNY fix: 6.4610 vs the last close of 6.4620

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