Silver Price Analysis: XAG/USD buyers have a bumpy road below $23.15 hurdle

  • Silver fails to extend short-term resistance break, steps back from 50-SMA.
  • Upbeat Momentum line suggests further recovery but three-week-old falling trend line, double tops challenge bulls.

Silver eases to $22.60 amid Tuesday’s Asian session, following the first positive daily closing.

The bright metal pierced a descending resistance line from September 16 the previous day but failed to cross 50-SMA before the latest pullback. However, the Momentum line favors the metal’s rebound from the yearly low marked during the last week.

Hence, buyers will wait for a clear upside break of 50-SMA, around $22.65, to take fresh entries targeting the $23.00 threshold.

Even so, a three-week-old downward sloping trend line and double tops marked since September 17, respectively around $23.05 and $23.15, will be the key challenges for XAG/USD traders to overcome before retaking the controls.

On the contrary, $22.30 may offer immediate support to the silver prices ahead of directing bears to the yearly low surrounding $22.00.

Following that, lows marked during November and September 2020, near $21.90 and $21.65 in that order, will be important to watch as they hold the gate for the metal’s south-run towards the sub-$20.00 area.

Silver: Four-hour chart

Trend: Pullback expected

Additional important levels

Today last price 22.63
Today Daily Change 0.19
Today Daily Change % 0.85%
Today daily open 22.44
Daily SMA20 23.53
Daily SMA50 24.03
Daily SMA100 25.51
Daily SMA200 25.81
Previous Daily High 22.8
Previous Daily Low 22.11
Previous Weekly High 23.15
Previous Weekly Low 22.04
Previous Monthly High 26
Previous Monthly Low 22.17
Daily Fibonacci 38.2% 22.37
Daily Fibonacci 61.8% 22.54
Daily Pivot Point S1 22.1
Daily Pivot Point S2 21.76
Daily Pivot Point S3 21.41
Daily Pivot Point R1 22.79
Daily Pivot Point R2 23.14
Daily Pivot Point R3 23.48



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