Silver Price Analysis: XAG/USD bears eye 200-week SMA

Silver remains on the back foot after breaking seven-month-old horizontal support.
Bearish MACD signals, downbeat RSI keep sellers hopeful.
September 2019 peak appears a tough nut to crack for sellers, corrective pullback needs validation from $22.00.

Anil Panchal FXStreet

Silver (XAG/USD) licks its wounds around a recently flashed two-year low, sidelined near $21.30 during Wednesday’s initial Asian session.

The bright metal slumped to the lowest levels since June 2020 the previous day on breaking horizontal support stretched from October 2021.

With the RSI and MACD conditions joining the latest support break, silver prices are likely to witness further downside.

That said, the 200-week SMA level surrounding $20.20 appears immediate level on the bear’s radar.

Following that, the $20.00 psychological magnet and September 2019 peak of $19.65 will challenge the further downside.

Alternatively, recovery moves beyond the support-turned-resistance around $21.45 need validation from a 17-month-long horizontal area near $22.00 to convince buyers.

Silver: Weekly chart

Trend: Bearish

Additional important levels

Overview
Today last price	21.32
Today Daily Change	-0.49
Today Daily Change %	-2.25%
Today daily open	21.81

Trends
Daily SMA20	23.91
Daily SMA50	24.64
Daily SMA100	23.93
Daily SMA200	23.72

Levels
Previous Daily High	22.37
Previous Daily Low	21.69
Previous Weekly High	23.28
Previous Weekly Low	22.1
Previous Monthly High	26.22
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	21.95
Daily Fibonacci 61.8%	22.11
Daily Pivot Point S1	21.54
Daily Pivot Point S2	21.28
Daily Pivot Point S3	20.86
Daily Pivot Point R1	22.22
Daily Pivot Point R2	22.64
Daily Pivot Point R3	22.9

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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