Silver Price Analysis: XAG/USD bears eye $22.00 as retreat from 50-SMA persists

Silver Price takes offers to reverse late Wednesday’s corrective bounce while reversing from 50-SMA.
Five-week-old descending support line in the spotlight amid looming bear cross, steady RSI.
XAG/USD needs to cross convergence of 200-SMA, 100-SMA to retake control.

Anil Panchal FXStreet

Silver Price (XAG/USD) drops to $22.70 as it portrays one more U-turn from the 50-SMA hurdle amid early Thursday. In doing so, the bright metal justifies the firmer US Dollar amid fears of higher rates.

Also read: US Dollar Index: DXY bulls take a breather around 103.00 with eyes on Fed Chair Powell’s speech

That said, the impending bear cross on the MACD and mostly steady RSI (14) line favor the XAG/USD’s latest pullback.

It should be noted that the $22.50 round figure may act as immediate support for the Silver bears to prod ahead of the visiting a downward-sloping support line from late May, close to $22.00 by the press time.

In a case where the XAG/USD remains bearish past $22.00, which is less likely, the bullion sellers may aim for the 61.8% and 78.6% Fibonacci Expansion (FE) of the precious metal’s June 18-27 moves, respectively near $21.70 and $21.35.

On the flip side, a clear break of the 50-SMA hurdle, around $22.95 at the latest, isn’t an invitation to the Silver buyers as the $23.00 round figure can check the upside moves.

Above all, a convergence of the 200-SMA and the 100-SMA, near $23.45-50, appears a tough nut to crack for the Silver buyers to conquer to retake control.

Silver Price: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	22.71
Today Daily Change	0.01
Today Daily Change %	0.04%
Today daily open	22.7

Trends
Daily SMA20	23.46
Daily SMA50	24.04
Daily SMA100	23.34
Daily SMA200	22.54

Levels
Previous Daily High	22.96
Previous Daily Low	22.56
Previous Weekly High	24.2
Previous Weekly Low	22.11
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	22.72
Daily Fibonacci 61.8%	22.81
Daily Pivot Point S1	22.52
Daily Pivot Point S2	22.34
Daily Pivot Point S3	22.12
Daily Pivot Point R1	22.92
Daily Pivot Point R2	23.14
Daily Pivot Point R3	23.32

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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