Silver Price Analysis: $21.65-60 will be a tough nut to crack for XAG/USD bears

  • Silver remains pressured around yearly low, steadies after three-day downtrend.
  • Six-month-old descending trend line, horizontal area from September 2020 challenge bears.
  • Oversold RSI conditions hint at corrective pullback towards latest August lows.

Silver (XAG/USD) bears take a breather around $22.30, after refreshing the yearly low at the week’s start.

That said, the bright metal struggles to extend the three-day downtrend near the multi-day bottom amid oversold RSI conditions.

Even so, lows marked on August 20 near $22.87 and the $23.00 threshold challenge the immediate recovery moves.

Following that, March low and September peak, respectively around $23.80 and $24.85, will be on the silver bull’s radar ahead of confronting the key 200-DMA level near $25.85.

On the flip side, the $22.00 and November 2020 bottom surrounding $21.90 can entertain XAG/USD bears ahead of directing them to the $21.65-60 support confluence including a downward sloping trend line from March and September 2020 low.

To sum up, silver prices may recovery as sellers seem tired. However, bulls have a long way before retaking controls.

Silver: Daily chart

Trend: Corrective pullback expected

Additional important levels

Today last price 22.29
Today Daily Change -0.11
Today Daily Change % -0.49%
Today daily open 22.4
Daily SMA20 23.85
Daily SMA50 24.4
Daily SMA100 25.73
Daily SMA200 25.87
Previous Daily High 23.14
Previous Daily Low 22.33
Previous Weekly High 23.97
Previous Weekly Low 22.33
Previous Monthly High 26
Previous Monthly Low 22.17
Daily Fibonacci 38.2% 22.64
Daily Fibonacci 61.8% 22.83
Daily Pivot Point S1 22.11
Daily Pivot Point S2 21.82
Daily Pivot Point S3 21.31
Daily Pivot Point R1 22.92
Daily Pivot Point R2 23.43
Daily Pivot Point R3 23.72



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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD retreats below 1.1300 area as NFP-inspired dollar weakness fades

EUR/USD jumped to a daily high of 1.1333 with the initial market reaction to the disappointing November Nonfarm Payrolls data but quickly returned below 1.1300. Rising US Treasury bond yields seem to be helping the dollar stay resilient against its major rivals. 


GBP/USDdrops to 1.3250 area as dollar regains strength

GBP/USD spiked above 1.3300 in the early American session with the initial market reaction to the gloomy US November jobs report. However, the greenback regathered strength on hawkish Fed commentary and forced the pair to turn south.


Gold struggles to capitalize on weak NFP data, holds near $1,770

Gold spiked to a daily high near $1,780 with the initial market reaction to the disappointing Nonfarm Payrolls data from the US but seems to be having a difficult time preserving its bullish momentum with the 10-year US T-bond yield staying resilient.

Gold News

The bull and the bear case for BTC

Bitcoin price saw a bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. Bitcoin is likely to experience massive volatility as the situation resolves over time. 

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!