- XAG / USD declines after hitting a one-week high at $ 23.94.
- Metals correct lower amid a stronger US dollar and a drop in equity prices.
Silver fell 0.75% Tuesday amid a rally in the US dollar. The USD continues to rally after Friday’s selloff. XAG / USD peaked in Asian hours at $ 23.94 before turning lower.
Near the $ 24.00 zone, the metal lost momentum and started to decline. It accelerated the decline after weaker-than-expected economic data. It bottomed at $ 23.55 and then cut losses, climbing to $ 23.66.
Very short-term technical indicators are skewed to the downside. RSI and momentum on the four-hour chart are moving south. XAG / USD is testing an uptrend line and the 20 SMA. A break below $ 23.55 would expose the next support at $ 23.40 (August 16 low).
If XAG / USD sustains above $ 23.65 it could regain strength. To clear the way for a bullish extension you need to break above the strong $ 24.00 barrier.
4 hour chart
XAG / USD
| Overview | |
|---|---|
| Today last price | 23.73 |
| Today’s Daily Change | -0.11 |
| Today daily change% | -0.46 |
| Today they open every day | 23.84 |
| Trends | |
|---|---|
| Daily SMA20 | 24.68 |
| SMA50 daily | 25.71 |
| SMA100 daily | 26.15 |
| SMA200 daily | 25.89 |
| Levels | |
|---|---|
| Previous Daily High | 23.9 |
| Previous Daily Low | 23.43 |
| Previous weekly high | 24.37 |
| Previous Weekly Low | 22.17 |
| Previous monthly maximum | 26.78 |
| Previous Monthly Low | 24.5 |
| Daily Fibonacci 38.2% | 23.72 |
| Daily Fibonacci 61.8% | 23.61 |
| Daily Pivot Point S1 | 23.55 |
| S2 daily pivot point | 23.25 |
| S3 Daily Pivot Point | 23.08 |
| R1 daily pivot point | 24.02 |
| Daily pivot point R2 | 24.19 |
| R3 daily pivot point | 24.49 |
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