Silver Price Analysis: XAG/USD bears approach key supports surrounding $21.00

Silver price holds lower ground near one-week bottom, down for the third consecutive day.
Three-month-old ascending trend line, 200-DMA to join nearly oversold RSI to challenge XAG/USD bears.
Buyers remain off the table unless crossing 100-DMA.

Anil Panchal FXStreet

Silver price (XAG/USD) remains on the back foot at the weekly low near $21.30 during early Friday in Asia. In doing so, the bright metal drops for the third consecutive day while extending the early-week pullback from the 100-DMA and a 3.5-month-old horizontal resistance area.

It’s worth noting that the bearish MACD signals keep the XAG/USD sellers hopeful. However, the RSI (14) appears oversold and suggests a pause in the metal’s south run.

As a result, an upward-sloping support line from late November, close to $21.20 by the press time, as well as the 200-DMA level of around $21.00, gain major attention.

Following that, the late November swing low of around $20.60-55 could act as the last defense of the Silver buyers before directing the commodity price towards November 2022 bottom near $18.80.

Meanwhile, recovery moves may initially aim for the $21.50 before jostling with the aforementioned horizontal resistance area and the 100-DMA surrounding $22.00-05.

In a case where the Silver price offers a daily closing beyond $22.05, February 09 high near $22.60 and the previous monthly low near $22.80 will be crucial to watch for the XAG/USD bulls.

Silver price: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	21.3
Today Daily Change	-0.20
Today Daily Change %	-0.93%
Today daily open	21.5

Trends
Daily SMA20	22.47
Daily SMA50	23.22
Daily SMA100	22.01
Daily SMA200	21.02

Levels
Previous Daily High	21.98
Previous Daily Low	21.44
Previous Weekly High	22.08
Previous Weekly Low	21.18
Previous Monthly High	24.55
Previous Monthly Low	22.76
Daily Fibonacci 38.2%	21.65
Daily Fibonacci 61.8%	21.78
Daily Pivot Point S1	21.3
Daily Pivot Point S2	21.1
Daily Pivot Point S3	20.76
Daily Pivot Point R1	21.84
Daily Pivot Point R2	22.18
Daily Pivot Point R3	22.38

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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