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

Overview
Today last price 22.29
Today Daily Change -0.11
Today Daily Change % -0.49%
Today daily open 22.4
 
Trends
Daily SMA20 23.85
Daily SMA50 24.4
Daily SMA100 25.73
Daily SMA200 25.87
 
Levels
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

 

 

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