Silver Price Analysis: XAG/USD bears keep the reins around 10-week low under $22.00

Silver prints three-day losing streak as sellers flirt with 2.5-month low.
Clear downside break of 100-DMA, bearish MACD signals favor sellers.
50% Fibonacci retracement, 200-DMA challenge further downside.
Recovery remains elusive unless crossing $23.15, ascending trend line from early September 2022 adds to the downside filters.

Anil Panchal FXStreet

Silver price (XAG/USD) remains on the bear’s radar as the bright metal renews intraday low near $21.70 during early Wednesday in Europe. In doing so, the bullion stays pressured around the lowest levels since November 30 amid a three-day downtrend.

The quote’s weakness could be linked to the daily closing below the 100-DMA, as well as sustained trading below the previous support line from early December 2022, respectively near $21.95 and $23.15.

As a result, the XAG/USD bears have a free hand while expecting further downside of the metal.

However, the 50% Fibonacci retracement of September 2022 to February 2023 upside, near $21.10, precedes the 200-DMA level of $21.00 to offer a strong challenge to the Silver sellers.

Following that, the 61.8% Fibonacci retracement surrounding $20.30, also known as the golden Fibonacci ratio, as well as a 5.5-month-old ascending support line, close to $20.00 round figure, will become the key for the XAG/USD sellers to watch.

Alternatively, recovery moves need to stay beyond the 100-DMA hurdle of $21.95, as well as the $22.00 round figure to convince intraday buyers of the Silver.

Even so, the previous weekly high near $22.60 and the support-turned-resistance line from December 06, 2022, close to $23.15, could challenge the XAG/USD bulls before giving them control.

Silver price: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	21.73
Today Daily Change	-0.15
Today Daily Change %	-0.69%
Today daily open	21.88

Trends
Daily SMA20	23.07
Daily SMA50	23.42
Daily SMA100	21.9
Daily SMA200	21.01

Levels
Previous Daily High	22.04
Previous Daily Low	21.61
Previous Weekly High	22.62
Previous Weekly Low	21.84
Previous Monthly High	24.55
Previous Monthly Low	22.76
Daily Fibonacci 38.2%	21.77
Daily Fibonacci 61.8%	21.88
Daily Pivot Point S1	21.65
Daily Pivot Point S2	21.41
Daily Pivot Point S3	21.21
Daily Pivot Point R1	22.08
Daily Pivot Point R2	22.28
Daily Pivot Point R3	22.52

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.

USD/JPY: Japanese Yen tumbles as Fed signals higher rate path

The Japanese Yen depreciated against the US Dollar on Wednesday after the US Federal Reserve delivered a hawkish hold, with most officials expecting one rate hike towards the end of the year, while the new Fed Chair, Warsh, reiterated the Fed’s commitment to achieving the 2% inflation goal. At the time of writing, the USD/JPY trades at 160.66 after bouncing off the daily low of 160.11.

AUD/USD benefits from softer USD as US-Iran deal counters Fed's hawkish tilt

AUD/USD edges higher during the Asian session on Thursday as the US Dollar retreats from its highest level since late March, touched in reaction to the Fed's hawkish tilt the previous day. The US and Iran signed a MoU aimed at ending the war and reopening the Strait of Hormuz, boosting investors' confidence and undermining the safe-haven USD. Furthermore, the RBA's signal that additional rate hikes remain possible, if inflation persists, acts as a tailwind for the Aussie.

Gold slumps to near $4,250 as Fed holds rates but flags potential hike this year

Gold price tumbles to around $4,280 during the early Asian session on Thursday. The precious metal faces some selling pressure after the US Federal Reserve decided to hold its benchmark interest rate steady but signaled a hike in borrowing costs later this year.

Bitcoin remains under bearish pressure despite recent rebound — Glassnode

Bitcoin remains well below key onchain metrics, with realized losses continuing to dominate capital flows despite a partial price recovery. The top crypto rebounded from lows near $60,000 to the $65,000 range after the US-Iran peace deal reversed much of the war premium that had weighed on risk assets.

The next big AI trade may not be about chips or software

Artificial intelligence has already created some of the biggest winners in modern market history. Chipmakers have surged, data centre construction is booming, and electricity demand forecasts are changing globally.

Why a hawkish RBA is no longer enough to lift the Australian Dollar

The Reserve Bank of Australia delivered more than what markets expected: a hawkish hold that should have supported the Aussie. But markets widely ignored it, focusing instead on slowing economic growth and proving that central bank messaging alone isn’t always enough to drive currencies.