Silver Price Analysis: Failures to cross 10-DMA favor XAG/USD downside below $25.00

Silver price stays defensive after reversing from three-week high.
Repeated pullbacks from 10-DMA, bearish MACD signals keep XAG/USD sellers hopeful.
Three-week-long bearish channel restricts immediate Silver price moves ahead of previous resistance line from January.

Anil Panchal FXStreet

Silver (XAG/USD) price seesaws around $25.00 as markets portray traders’ anxiety ahead of the key data/events on early Tuesday, after reversing from a three-week top the previous day.

In doing so, the XAG/USD remains within a three-week-old bearish trend channel while staying below the 10-DMA hurdle since April 19.

On only the failure to cross the 10-DMA and a bearish channel but the downbeat MACD signals also keep the Silver price on the seller’s radar.

However, the stated downward-sloping channel’s bottom line, close to $24.50, puts a floor under the Silver price ahead of the resistance-turned-support line stretched from early January, near $24.00 by the press time.

It’s worth noting that the XAG/USD weakness past $24.00 won’t hesitate to direct the commodity price toward January’s low near $22.75.

Meanwhile, an upside clearance of the 10-DMA level of $25.10 can favor the Silver buyers to prod the top line of the aforementioned bearish channel, around $25.90 at the latest.

Following that, the Year-To-Date (YTD) high of around $26.10 and the April 2022 peak near $26.25 will be in the spotlight.

Overall, the Silver price is likely to remain depressed inside a bearish chart formation.

Silver: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	25
Today Daily Change	0.00
Today Daily Change %	0.00%
Today daily open	25

Trends
Daily SMA20	25.08
Daily SMA50	23.14
Daily SMA100	23.24
Daily SMA200	21.6

Levels
Previous Daily High	25.92
Previous Daily Low	24.88
Previous Weekly High	25.36
Previous Weekly Low	24.49
Previous Monthly High	26.09
Previous Monthly Low	23.57
Daily Fibonacci 38.2%	25.28
Daily Fibonacci 61.8%	25.52
Daily Pivot Point S1	24.62
Daily Pivot Point S2	24.24
Daily Pivot Point S3	23.59
Daily Pivot Point R1	25.65
Daily Pivot Point R2	26.3
Daily Pivot Point R3	26.68

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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