Silver Price Analysis: Acceptance below $23.00/61.8% Fibo. favours XAG/USD bears

Silver was seen consolidating recent losses to the lowest level since October 13.
The set-up favours bearish trades and supports prospects for additional losses.
Any recovery attempt could be seen as a selling opportunity and remain capped.

Haresh Menghani FXStreet

Silver lacked firm directional bias on Tuesday and seesawed between tepid gains/minor losses heading into the North American session. The white metal was last seen trading around the $22.85-80 region, just above the lowest level since October 13 touched in the previous day.

Looking at the technical picture, the XAG/USD now seems to have found acceptance below the $23.00 round-figure and the 61.8% Fibonacci level of the $21.42-$25.41 strong move up. This comes on the back of the recent break through the 100-day SMA and an ascending channel confluence support, which, in turn, favours bearish traders.

The negative outlook is reinforced by the fact that technical indicators on the daily chart are holding deep in the negative territory and are still far from being in the oversold zone. Some follow-through selling below the $22.70-65 region will reaffirm the bearish bias and pave the way for a further near-term depreciating move.

The XAG/USD might then accelerate the slide towards testing the next relevant support near the $22.30-25 region before eventually dropping to the $22.00 round-figure mark. The downward trajectory could further get extended towards the YTD low, around the $21.45-40 region set on September 29.

On the flip side, any attempted recovery now seems to confront stiff resistance near the $23.00-10 region. A further move up would now be seen as a selling opportunity and runs the risk of fizzling out quickly near the $23.40-45 region. The latter coincides with the 50% Fibo. level, which should cap the upside for the XAG/USD, at least for now.

Silver daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	22.84
Today Daily Change	-0.02
Today Daily Change %	-0.09
Today daily open	22.86

Trends
Daily SMA20	24.22
Daily SMA50	23.57
Daily SMA100	23.94
Daily SMA200	25.2

Levels
Previous Daily High	23.44
Previous Daily Low	22.76
Previous Weekly High	24.89
Previous Weekly Low	22.92
Previous Monthly High	24.83
Previous Monthly Low	22
Daily Fibonacci 38.2%	23.02
Daily Fibonacci 61.8%	23.18
Daily Pivot Point S1	22.6
Daily Pivot Point S2	22.33
Daily Pivot Point S3	21.91
Daily Pivot Point R1	23.28
Daily Pivot Point R2	23.7
Daily Pivot Point R3	23.97

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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