Filed Under:  Technical Analysis

Silver Price Analysis: XAG/USD struggles to justify Wednesday’s spinning top above $23.00

26th November 2020   ·   0 Comments

  • Silver prints mild gains after bouncing off the two-month-old support line.
  • Candlestick suggests traders’ indecisiveness unless breaking 100-day EMA.
  • Sellers can eye October low following the support line break.

Silver prices rise to $23.39, up 0.39% intraday, amid Thursday’s Asian session. The white metal flashed a bullish spinning top, suggesting the traders’ indecision, the previous day as an upward sloping trend line from September 24 triggered corrective pullback from one month low.

However, silver buyers are waiting for a clear break above the 100-day EMA level of $23.57 to defy the candlestick formation and attack a two-week-old resistance line near $23.95.

It should, however, be noted that the $24.00 round-figure the mid-November high of $25.07 can offer intermediate halts between $23.95 and the monthly high of $26.00.

On the downside, a daily closing below the stated support line, at $23.30 will direct the silver sellers toward the $23.00 threshold.

Though, lows marked in October and September, respectively around $22.60 and $21.65, will challenge the commodity’s further weakness.

Silver daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price23.4
Today Daily Change0.05
Today Daily Change %0.21%
Today daily open23.35
Trends
Daily SMA2024.17
Daily SMA5024.23
Daily SMA10024.67
Daily SMA20020.49
Levels
Previous Daily High23.52
Previous Daily Low23.1
Previous Weekly High25.08
Previous Weekly Low23.64
Previous Monthly High25.56
Previous Monthly Low22.59
Daily Fibonacci 38.2%23.36
Daily Fibonacci 61.8%23.26
Daily Pivot Point S123.12
Daily Pivot Point S222.9
Daily Pivot Point S322.7
Daily Pivot Point R123.55
Daily Pivot Point R223.75
Daily Pivot Point R323.97

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