Silver Price Analysis: XAG/USD appears well-set to renew multi-day low near $21.00

Silver price refreshes 11-week low during five-day losing streak.
100-DMA breakdown, bearish MACD signals favor sellers around multi-day low.
Oversold RSI hints at corrective bounce, highlights 200-DMA, $20.00 as key supports.

Anil Panchal FXStreet

Silver price (XAG/USD) holds lower ground at the 2.5-month bottom surrounding $21.45 amid the early hours of Friday morning in Europe.

The bright metal refreshed the multi-day low on breaking the 100-DMA, as well as taking clues from the bearish MACD signals. However, the oversold RSI (14) conditions suggest limited downside room for the XAG/USD.

As a result, the 200-DMA level surrounding $21.00 appears putting a short-term floor under the Silver price.

In a case where the XAG/USD drops below $21.00, a convergence of the previous resistance line from March 2022 and an ascending trend line from the last September, close to the $20.00 psychological magnet, will be a tough nut to crack for the Silver sellers.

It should be noted that the quote’s weakness past $20.00 makes it vulnerable to test the previous yearly bottom marked in September at around $17.55.

Alternatively, XAG/USD rebound remains elusive unless crossing the 100-DMA level near the $22.00 round figure.

Following that, the 50% and 61.8% Fibonacci retracements of the metal’s fall between March and September of 2022, respectively near $22.30 and $23.35, could act as additional upside filters for the Silver buyers to watch. Above all, the monthly high of $24.63 acts as the last defense of the XAG/USD bears.

Silver price: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	21.47
Today Daily Change	-0.12
Today Daily Change %	-0.56%
Today daily open	21.59

Trends
Daily SMA20	22.87
Daily SMA50	23.37
Daily SMA100	21.95
Daily SMA200	21.01

Levels
Previous Daily High	21.82
Previous Daily Low	21.43
Previous Weekly High	22.62
Previous Weekly Low	21.84
Previous Monthly High	24.55
Previous Monthly Low	22.76
Daily Fibonacci 38.2%	21.58
Daily Fibonacci 61.8%	21.67
Daily Pivot Point S1	21.41
Daily Pivot Point S2	21.23
Daily Pivot Point S3	21.03
Daily Pivot Point R1	21.79
Daily Pivot Point R2	22
Daily Pivot Point R3	22.18

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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