Silver Price Analysis: Bearish-harami spurs XAG/USD’s fall beneath $23.00

Silver falls to $22.75, continuing its losing streak for a fourth day due to rising yield pressures.
Bearish harami and dip below key DMAs suggest more declines, eyeing $22.51 as next support.
A rebound over $23.00 could push silver to retest DMAs, aiming for $24.00 resistance.

Christian Borjon Valencia FXStreet

Silver’s falls for the fourth straight day, remaining below the $23.00 figure, as US Treasury bond yields advance, courtesy of strong economic data from the United States, preventing the Federal Reserve (Fed) from beginning to ease policy soon. At the time of writing, XAG/USD trades at $22.75, down 0.55%.

Since the XAG/USD completed the formation of a ‘bearish harami’ candlestick chart pattern on Monday, the grey metal has fallen from around the confluence of the 100 and 50-day moving averages (DMAs), at around $23.17-$23.10, exacerbating a plunge below the $23.00 figure. Relative Strength Index (RSI) studies suggest Silver’s price might extend its losses toward the December 13 low of $22.51, followed by the $22.00 figure. Once cleared, the next support would be the November 13 low of $21.88.

On the flip side, XAG/USD buyers need to reclaim the $23.00 mark so they could challenge the daily moving averages (DMAs) before aiming towards $24.00.

XAG/USD Price Action – Daily Chart

XAG/USD TECHNICAL LEVELS

Overview
Today last price	22.76
Today Daily Change	-0.15
Today Daily Change %	-0.65
Today daily open	22.91

Trends
Daily SMA20	22.76
Daily SMA50	23.14
Daily SMA100	23.17
Daily SMA200	23.3

Levels
Previous Daily High	23.18
Previous Daily Low	22.76
Previous Weekly High	23.5
Previous Weekly Low	21.93
Previous Monthly High	24.09
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	22.92
Daily Fibonacci 61.8%	23.02
Daily Pivot Point S1	22.71
Daily Pivot Point S2	22.52
Daily Pivot Point S3	22.29
Daily Pivot Point R1	23.14
Daily Pivot Point R2	23.37
Daily Pivot Point R3	23.57

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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