Silver Price Analysis: 50-SMA probes XAG/USD’s declines towards $21.80

Silver remains pressured around intraday low, battles short-term key SMA support.
Descending RSI line, not oversold, directs sellers towards one-week-old horizontal area.
$23.40 appears a tough nut to crack for the bulls, yearly low on bear’s radar.

Anil Panchal FXStreet

Silver (XAG/USD) stays depressed around an intraday low of $22.18, down 0.18% on a day during the three-day downtrend amid early Tuesday.

In doing so, the bright metal sellers attack 50-SMA support as failures to cross the 100-SMA and downward sloping RSI line, not near oversold territory, suggests the quote’s further weakness.

That said, the $22.00 threshold may offer an intermediate halt during the metal’s fall targeting the weekly horizontal support area near $21.80. However, double bottoms marked during December and September, near $21.40, will be a crucial support to watch afterward.

In a case where the XAG/USD prices decline below $21.40, the $20.00 psychological magnet should gain the market’s attention.

Meanwhile, recovery moves may initially aim for the 100-SMA level of $22.40 before Friday’s peak of $22.67.

Following that, 38.2% Fibonacci retracement (Fibo.) of November 16 to December 15 downside, around $23.00, will test the silver buyers before directing them to the convergence of the 200-SMA and 50% Fibo. close to $23.40.

Silver: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	22.2
Today Daily Change	-0.05
Today Daily Change %	-0.22%
Today daily open	22.25

Trends
Daily SMA20	22.58
Daily SMA50	23.52
Daily SMA100	23.48
Daily SMA200	24.89

Levels
Previous Daily High	22.45
Previous Daily Low	22.19
Previous Weekly High	22.68
Previous Weekly Low	21.42
Previous Monthly High	25.41
Previous Monthly Low	22.69
Daily Fibonacci 38.2%	22.29
Daily Fibonacci 61.8%	22.35
Daily Pivot Point S1	22.15
Daily Pivot Point S2	22.04
Daily Pivot Point S3	21.89
Daily Pivot Point R1	22.4
Daily Pivot Point R2	22.55
Daily Pivot Point R3	22.66

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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