Thursday, February 9, 2023 5:59 PM EST
Silver price slides below a bottom-trend line of a bearish megaphone formation and is testing the 200-day Exponential Moving Average (EMA) at around $21.95. At the time of writing, the XAG/USD exchanges hands at $21.97.
From a daily chart perspective, XAG/USD threatens to crack the 200-day EMA, which, if accomplished, it could pave the way for further losses. In addition, oscillators turned bearish, notably the Relative Strength Index (RSI), while the Rate of Change (RoC) is almost flat, depicting that neither buyers/sellers are in control.
However, XAG/USD’s daily close below the 200-day EMA could send Silver prices diving. The next support area would be the $21.00 psychological price level, followed by the November 28 daily low of $20.87 and the November 21 low of $20.59.
As an alternate scenario, the XAG/USD’s first resistance would be the psychological $22.00 mark. A breach of the latter would expose a support-turned-resistance bottom trendline of the megaphone formation at $22.40, followed by the high of the week at $22.59.
Silver Daily Chart
(Click on image to enlarge)
Silver key technical levels
More By This Author:
Gold Price Forecast: XAU/USD Stays Firm At Around $1875 Despite A Strong US Dollar As US Real Yields Fall
WTI Rallies Towards $76.50 As The USD Remains Offered Due To Powell’s Speech
USD/JPY Price Analysis: Bulls Move In And Target 133.00 Ahead Of The 200-DMA
Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...
more
Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
less
How did you like this article? Let us know so we can better customize your reading experience.