Silver Price Analysis: XAG/USD bears battle $22.50 inside two-week-old falling channel


  • Silver remains depressed around lowest since September 25, flashed on Friday.
  • Oversold RSI suggests bounce off short-term bearish chart pattern.
  • 200-bar SMA can lure the bulls during the upside break to the channel.

Silver prices decline to $22.50, down 0.60% intraday, during Monday’s Asian session. The while metal dropped to the lowest in five weeks on Friday before bouncing off $22.33. However, failures to cross a downward sloping channel formation since November 16 keeps the sellers hopeful.

It should be noted that the oversold RSI conditions are likely to challenge the silver bears around the stated channel’s support line, at $22.18 now, failure to which can recall the $22.00 round-figure on the chart.

Also acting as the key downside support is September’s low near $21.65.

Alternatively, an upside clearance of the channel resistance, near $23.20, can trigger the run-up towards a 200-bar SMA level of $24.20.

During the quote’s further upside past-$24.20, the mid-month top around $25.10, and the monthly peak close to $26.00 will be in the spotlight.

Silver four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price 22.52
Today Daily Change -0.13
Today Daily Change % -0.57%
Today daily open 22.65
 
Trends
Daily SMA20 24.12
Daily SMA50 24.07
Daily SMA100 24.76
Daily SMA200 20.54
 
Levels
Previous Daily High 23.33
Previous Daily Low 22.34
Previous Weekly High 24.4
Previous Weekly Low 22.34
Previous Monthly High 25.56
Previous Monthly Low 22.59
Daily Fibonacci 38.2% 22.72
Daily Fibonacci 61.8% 22.95
Daily Pivot Point S1 22.22
Daily Pivot Point S2 21.78
Daily Pivot Point S3 21.23
Daily Pivot Point R1 23.21
Daily Pivot Point R2 23.77
Daily Pivot Point R3 24.2

 

 

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