Silver Price Analysis: XAG/USD hovers around $22.00 amid impending bear cross
|- Silver prices remain lackluster above 20-DMA, keeping downside break of fortnight-old support line.
- 50-DMA eyes to cross the 200-DMA from above, suggesting further downside amid steady RSI.
- Bullish MACD probes sellers, $21.70 restricts immediate downside.
Silver (XAG/USD) grinds higher past 20-DMA, keeping the early week break of short-term key support line, during Friday’s Asian session. That said, the bright metal takes rounds to $22.00 as bulls and bears jostle amid mixed signals.
As the 50-DMA eyes to pierce the 200-DMA from above, known as the bear cross, backed by the metal’s recent failures to stay beyond the 20-DMA, not to forget Wednesday’s downside break of the two-week-old support line, silver sellers remain hopeful.
However, a fresh weekly low, currently around $21.65, becomes necessary for the bright metal to confirm the bearish signals.
Following that, a downward trajectory toward the monthly low near $20.45, with the $21.00 acting as an intermediate halt, can’t be ruled out.
Meanwhile, XAG/USD upside remains unconvincing below the previous support line, near $22.50.
Should the commodity prices rally beyond $22.50, the odds of the metal’s run-up towards the convergence of the 50-DMA and 200-DMA, close to $23.55, can’t be ruled out.
Silver: Daily chart
Trend: Further downside expected
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