Spot silver is trading around a strong resistance area (20.85). The bulls appear to be losing control and only a breach above this level will keep them intact. Other than that the intraday support levels are at 20.69 and 20.32. The intraday resistance levels are at 21.33 and 21.60.
Spot Silver (XAGUSD) Technical Outlook
The Relative Strength Index (RSI) and Bollinger Bands (BB) are currently neutral. The Stochastic is overbought while the Average True Range indicates High Volatility. The MACD (Moving Average Convergence Divergence) is above the zero line. The current price of SpotSilver (XAGUSD) keeps above the 20, 50 and 100 period moving averages.
Stochastic |
Bollinger Bands |
ATR |
MACD |
RSI |
Over Bought (87) |
Neutral (20.32) |
0.68 (Volatility Up) |
Above Zero (0.26) |
63 (Neutral) |
Spot Silver Support and Resistance levels – Short-term
S 1 |
S 2 |
S 3 |
R 1 |
R 2 |
R 3 |
20.69 |
20.32 |
20.05 |
21.33 |
21.60 |
21.97 |
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Pivot Points
1 hour |
4 hours |
Daily |
Weekly |
Monthly |
20.46 |
20.77 |
20.96 |
18.76 |
18.86 |
Spot Silver Trading Ranges
Spot Silver Daily Trading Range: 20.30 – 21.07
SpotSilver Weekly Trading Range: 19.05 – 21.24
Spot Silver Monthly Trading Range: 19.05 – 21.24
SpotSilver Yearly Trading Range: 17.55 – 26.93
Spot Silver Trading Idea – 5-OCT-2022
Yesterday’s small downtick seems to be converting into a large correction phase and SpotSilver (XAGUSD) is likely to drop in the coming sessions which makes it ideal for selling entries using the following levels.
Signal Direction: Sell
Signal Timeframe: Daily
Entry: 21.71
Stop-loss: 22.39
Take Profit: 20.35
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SpotSilver Upcoming Levels to Monitor
The 20.85 is a strong resistance area for the XAGUSD and only a breach above this level will favor the bulls. On the downside, an intraday closing below 20.30 will accelerate the downtrend in the coming days.
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