Silver Price Analysis: Double top around $24.50, exacerbated silver’s fall below $24.00

Silver Prices plunged even though the US Dollar was on the defensive, and US T-bond yields dropped.
Silver Price Analysis: The confluence of a double top and an evening star opens the door for further downside.

Christian Borjon Valencia FXStreet

Silver spot prices, also known as XAG/USD, snapped three days of gains and plunged more than 1.50% on Tuesday, although the US Dollar (USD) remained offered, and US Treasury bond yields dropped. Hence, the XAG/USD is trading at $23.91 a troy ounce after reaching a daily high of $23.92.

Silver Price Analysis: XAG/USD Technical Outlook

After testing the YTD high of $24.54, the XAG/USD formed a double top, which could open the door for further losses. Also, an evening star emerged a three-candlestick chart pattern that could send Silver prices tumbling. With oscillators like the Relative Strength Index (RSI) registering lower peaks and aiming down, alongside the Rate of Change flashing that buyer’s momentum is fading, the XAG/USD downward bias remains intact.

Therefore, if XAG/USD slides below $23.83, silver would be poised to test the 20-day Exponential Moving Average (EMA) at $23.70. Once cleared, XAG/USD will prove January 11 daily low fo $23.22, ahead of $23.00.

Silver (XAG/USD) Key Technical Levels

XAG/USD

Overview
Today last price	23.93
Today Daily Change	-0.33
Today Daily Change %	-1.36
Today daily open	24.26

Trends
Daily SMA20	23.82
Daily SMA50	22.79
Daily SMA100	21
Daily SMA200	21.08

Levels
Previous Daily High	24.51
Previous Daily Low	23.94
Previous Weekly High	24.3
Previous Weekly Low	23.22
Previous Monthly High	24.3
Previous Monthly Low	22.03
Daily Fibonacci 38.2%	24.16
Daily Fibonacci 61.8%	24.29
Daily Pivot Point S1	23.96
Daily Pivot Point S2	23.66
Daily Pivot Point S3	23.38
Daily Pivot Point R1	24.53
Daily Pivot Point R2	24.81
Daily Pivot Point R3	25.11

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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