Silver Price Analysis: XAG/USD bears approach $21.55 support during three-day fall

Silver remains pressured around one-week low, down for third consecutive day.
Clear downside break of one-month-old ascending trend line, 21-DMA favor sellers.
Five-week-long horizontal resistance appears a tough nut to crack for bulls.

Anil Panchal FXStreet

Silver (XAG/USD) stays depressed around the weekly low near $21.60 during Friday’s Asian session, after breaking the short-term key supports the previous day.

However, the bright metal’s further downside hinges on its ability to conquer a three-week-old upward sloping trend line, around $21.55 by the press time.

Given the downbeat RSI (14) and a clear break of the previously important support levels, namely the 21-DMA and an ascending trend line from May 13, XAG/USD is likely to extend the latest weakness below the immediate support.

In doing so, the quote could challenge the $21.30 and $21.00 supports before directing the bears towards the last monthly low near $20.45.

Meanwhile, recovery moves may initially be challenged by the 21-DMA and the support-turned-resistance line from early May, respectively around $21.85 and $22.00.

Following that, a horizontal area comprising multiple levels marked since early May and the 50-DMA, close to $22.40-50 and $23.00 in that order, will be crucial for the silver buyers to tackle.

Silver: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	21.65
Today Daily Change	-0.41
Today Daily Change %	-1.86%
Today daily open	22.06

Trends
Daily SMA20	21.81
Daily SMA50	23.08
Daily SMA100	23.69
Daily SMA200	23.48

Levels
Previous Daily High	22.25
Previous Daily Low	21.81
Previous Weekly High	22.48
Previous Weekly Low	21.44
Previous Monthly High	23.28
Previous Monthly Low	20.46
Daily Fibonacci 38.2%	21.98
Daily Fibonacci 61.8%	22.08
Daily Pivot Point S1	21.83
Daily Pivot Point S2	21.6
Daily Pivot Point S3	21.39
Daily Pivot Point R1	22.27
Daily Pivot Point R2	22.48
Daily Pivot Point R3	22.7

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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