Silver Price Analysis: XAG/USD bounces off seven-week low on the way to $22.00

  • Silver prints corrective pullback from multiday low, bears keep reins.
  • Sustained break of 61.8% Fibonacci retracement, weekly resistance line join bearish MACD signals to favor sellers.
  • 50-DMA adds to the upside filters, yearly low can lure bears past $22.00.

Silver (XAG/USD) licks its wounds near the lowest levels since mid-October during the early Asian session on Tuesday. That said, the quote eyes to regain $23.00 by the press time.

The bright metal refreshed multi-day low the previous day after breaking the 61.8% Fibonacci retracement (Fibo.) of September-November downside. The corrective pullback could be linked to multiple supports marked since late August.

In addition to the stated key Fibo. level near $22.95, bearish MACD signals and sustained trading below the one-week-old descending trend line, as well as the 50-DMA, adds strength to the downside bias.

That said, further weakness may find multiple speed-breakers around $22.80 and $22.20 before testing the $22.00 level comprising September 22 bottom.

It should be noted, however, that the metal’s weakness past $22.00 will make it vulnerable to refresh yearly low, around $21.40 at the latest.

Meanwhile, an upside break of the 61.8% Fibonacci retracement level of $22.95 will push the XAG/USD prices towards the stated short-term resistance line near $23.15.

However, any further upside past $23.15 will be challenged by 50% Fibo. and 50-DMA levels surrounding $23.40 and $23.60 in that order.

Silver: Daily chart

Trend: Bearish

Additional important levels

Today last price 22.91
Today Daily Change -0.20
Today Daily Change % -0.87%
Today daily open 23.11
Daily SMA20 24.28
Daily SMA50 23.56
Daily SMA100 23.98
Daily SMA200 25.22
Previous Daily High 23.73
Previous Daily Low 22.92
Previous Weekly High 24.89
Previous Weekly Low 22.92
Previous Monthly High 24.83
Previous Monthly Low 22
Daily Fibonacci 38.2% 23.23
Daily Fibonacci 61.8% 23.42
Daily Pivot Point S1 22.78
Daily Pivot Point S2 22.44
Daily Pivot Point S3 21.96
Daily Pivot Point R1 23.59
Daily Pivot Point R2 24.07
Daily Pivot Point R3 24.4



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