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2 Feb 2021

Silver Price Analysis: XAG/USD teases immediate support line above $28.00, aims to fill Monday’s gap

  • Silver stays depressed after easing from multi-month top the previous day.
  • Bearish MACD favor sellers to break the nearby support line.
  • Bulls await a clear break of $30.00 for fresh entries.

Silver flirts with short-term support line while taking rounds to $28.40, intraday low of $28.23, during early Tuesday. In doing so, the white metal extends its failures to keep a brief uptick beyond the $30.00 while flashing 1.33% losses on a day.

Given the quote’s pullback from the key psychological magnet, coupled with the bearish MACD, silver is more likely to break an upward sloping trend line from last Thursday, at $28.40 now.

Following that, Friday’s close near $26.98 will be on the seller’s radar ahead of the 200-HMA level of $26.16.

On the flip side, $29.30 can test the intraday’s upside momentum before highlighting the $30.00 threshold on the silver bull’s radar.

Should the bullion stay positive above $30.00, the late January 2013 low near $30.75 will be in the spotlight.

Overall, the white metal is likely to witness downside pressure but the bulls shouldn’t leave hopes.

Silver hourly chart

Trend: Pullback expected

 

Feb 2, 2021

AUD/USD drops 25-pips following RBA’s status-quo, extra QE

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Feb 2, 2021

Asian stocks stay positive as RBA, comments from China join stimulus hopes

Asian shares overcome the latest market frenzy while taking help from the RBA and Chinese comments during early Tuesday. Also supporting the mood coul
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