Silver Price Analysis: XAG/USD Price Retreats Below $23.00 As Double-Top Looms
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Silver price trips down and aims below the $23.00 mark, which was briefly visited by the grey metal and capped by a strong recovery from the Greenback. The XAG/USD is trading at $22.86, down 1.82%.
A double-top in the daily chart is forming, suggesting that XAG/USD could retrace further, past the latest cycle low of $22.45, the October 26 low. However, on its way to challenging the latter, Silver must break key technical support levels like the 50-day moving average (DMA) at 422.93, and the 20-day moving average (DMA) at $22.45. Once those levels are cleared, Silver could shift from a neutral to a downward bias.
Conversely, if XAG/USD stays above the 50-DMA and reclaims $23.00, the following resistance level would be the 200-DMA at $23.28, which needs to be cleared, along with the September 23 daily high at $23.77, the latest cycle high, to shift the grey-metal bias to upwards. In that outcome, the XAG/USD next resistance would be $24.00.
XAG/USD Price Action – Daily chart
(Click on image to enlarge)
XAG/USD Technical Levels
XAG/USD
| OVERVIEW | |
|---|---|
| Today last price | 22.87 |
| Today Daily Change | -0.45 |
| Today Daily Change % | -1.93 |
| Today daily open | 23.32 |
| TRENDS | |
|---|---|
| Daily SMA20 | 22.39 |
| Daily SMA50 | 22.97 |
| Daily SMA100 | 23.24 |
| Daily SMA200 | 23.3 |
| LEVELS | |
|---|---|
| Previous Daily High | 23.61 |
| Previous Daily Low | 23.02 |
| Previous Weekly High | 23.36 |
| Previous Weekly Low | 22.44 |
| Previous Monthly High | 24.82 |
| Previous Monthly Low | 22.12 |
| Daily Fibonacci 38.2% | 23.38 |
| Daily Fibonacci 61.8% | 23.24 |
| Daily Pivot Point S1 | 23.03 |
| Daily Pivot Point S2 | 22.73 |
| Daily Pivot Point S3 | 22.44 |
| Daily Pivot Point R1 | 23.61 |
| Daily Pivot Point R2 | 23.91 |
| Daily Pivot Point R3 | 24.2 |
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