Silver Price Analysis: XAG/USD consolidates as a triple-bottom pattern emerges at hourly chart

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  • Silver price (XAG/USD) experiences mild losses, lingering below the $21.00 mark amidst a cautious market.
  • Technical analysis reveals a consolidation phase, with seven-month-low support at $20.91 and resistance around $21.50.
  • Short-term triple-bottom pattern emerges, targeting $22.00, contingent on breaking through several resistance levels.

Silver price (XAG/USD) remains subdued late in the New York session, printing mild losses of 0.35%, below $21.00 per troy ounce after hitting a daily high of $21.29.

The XAG/USD daily chart portrays the white metal in consolidation, capped on the downside by a seven-month-low at around $20.91. On the upside, resistance lies at around $21.50, slightly below a ten-month-old support trendline. A break of those levels could pave the way to test $22.00.

In the short term, the XAG/USD is forming a triple-bottom chart pattern, which would confirm its validity with a break above the October 4 high of $21.39, but on its way towards that price, the non-yielding metal must face solid resistance levels. The first supply zone would be the 20-hour Exponential Moving Average (HEMA) at $21.05, followed by the top of the Bollinger bands at $21.32, before cracking the latest cycle high. The triple-bottom next target would be $22.00.

XAG/USD Price Action – Hourly chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price 20.94
Today Daily Change -0.07
Today Daily Change % -0.33
Today daily open 21.01
 
Trends
Daily SMA20 22.69
Daily SMA50 23.23
Daily SMA100 23.43
Daily SMA200 23.41
 
Levels
Previous Daily High 21.4
Previous Daily Low 20.69
Previous Weekly High 23.65
Previous Weekly Low 22.12
Previous Monthly High 24.82
Previous Monthly Low 22.12
Daily Fibonacci 38.2% 20.96
Daily Fibonacci 61.8% 21.13
Daily Pivot Point S1 20.67
Daily Pivot Point S2 20.32
Daily Pivot Point S3 19.95
Daily Pivot Point R1 21.38
Daily Pivot Point R2 21.75
Daily Pivot Point R3 22.1

 

 

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