Silver Price Analysis: XAG/USD Struggles To Reclaim Ground, And Turns Bearish Below The 200-dma

  • Silver price sees a minor gain of 0.50% but fails to reclaim the May 26 daily low, resulting in a bearish outlook.
  • The technical analysis shows support at the March 21 daily low of $22.14; breaking this could see a drop below the $22.00 figure.
  • Potential resistance lies at the May 26 low-turned resistance at $22.68, with the 200-day EMA at $22.94 and $23.00 as the next challenges.

Silver price remains firm in the session but could not reclaim the May 26 daily low; previous support turned resistance and also below the 200-day Exponential Moving Average (EMA). Therefore, the XAG/USD turned bearish from a technical perspective. The XAG/USD is trading at $22.32, a gain of 0.50%.

 

XAG/USD Price Analysis: Technical outlook

Silver is downward biased but must break support at the March 21 daily low of $22.14 on its way toward dropping below the $22.00 figure. Even though the XAG/USD fell to a new three-month high, cheered by sellers, the XAG/USD could remain trading sideways, within the $22.10/$22.69 area without a catalyst.

If XAG/USD slumps below $22.00, the next support will lie at the March 16 low of $21.46 before exposing the $21.00 figure and the November 28 daily low at $20.87. On the flip side, the XAG/USD stays above $22.00. The next resistance would be the May 26 low-turned resistance at $22.68, followed by the 200-day EMA at $22.94 ahead of challenging $23.00.

From an oscillator point of view, the Relative Strength Index (RSI) shows signs of bearishness, while the three-day Rate of Change (RoC) portrays sellers losing some momentum but remaining in charge.

 

XAG/USD Price Action – Daily chart

(Click on image to enlarge)

XAG/USD Daily chart

 

XAG/USD

OVERVIEW
Today last price 22.39
Today Daily Change 0.14
Today Daily Change % 0.63
Today daily open 22.25

 

TRENDS
Daily SMA20 23.58
Daily SMA50 24.25
Daily SMA100 23.33
Daily SMA200 22.47

 

LEVELS
Previous Daily High 22.74
Previous Daily Low 22.18
Previous Weekly High 24.4
Previous Weekly Low 23.22
Previous Monthly High 26.14
Previous Monthly Low 22.68
Daily Fibonacci 38.2% 22.39
Daily Fibonacci 61.8% 22.52
Daily Pivot Point S1 22.04
Daily Pivot Point S2 21.83
Daily Pivot Point S3 21.49
Daily Pivot Point R1 22.6
Daily Pivot Point R2 22.94
Daily Pivot Point R3 23.15

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