Silver Price Analysis: XAG/USD collapses more than 3%, approaches the 200-DMA

XAG/USD has moved downward after breaking support levels, remaining above the 200-day EMA at $22.96, which is now under pressure.
Oscillators such as the Relative Strength Index (RSI) and three-day Rate of Change (RoC) indicate a negative scenario for Silver.
If the price surpasses the May 26 low, Silver could potentially drop to the $21.00 level.
If buyers can push XAG/USD back above the 100-day EMA at $23.54, a challenge to $24.00 could be expected.

Christian Borjon Valencia FXStreet

Silver price plunges more than 3%, and sellers are eyeing a challenge of the 200-day Exponential Moving Average (EMA), as overall US Dollar (USD) strength drives the financial markets on Tuesday. Fed speakers will cross newswires, while the Fed Chair Jerome Powell’s testimony at the US Congress dampened the market mood. At the time of writing, XAG/USD exchanges hands at $23.14 after hitting a daily high of $24.02.

XAG/USD Price Analysis: Technical outlook

The XAG/USD has shifted downward biased after cracking support levels. Yet stills above the 200-day EMA ) at $22.96, which is up for grabs, as Silver’s spot price continues to nosedive during the North American session. Oscillators like the Relative Strength Index (RSI) indicator portray a negative scenario for XAG’s buyers, with the RSI turning negative, while the three-day Rate of Change (RoC) is at its lowest level since May 25.

That said, the XAG/USD first support would be the $23.00 figure. A breach of the latter will expose the 200-day EMA, followed by the May 26 low at $22.68. if XAG/USD surpasses the latter, Silver could plummet to the $21.00 handle. Conversely, if XAG/USD buyers reclaim the 100-day EMA at $23.54, they could challenge $24.00.

XAG/USD Price Action – Daily chart

XAG/USD

Overview
Today last price	23.12
Today Daily Change	-0.83
Today Daily Change %	-3.47
Today daily open	23.95

Trends
Daily SMA20	23.64
Daily SMA50	24.41
Daily SMA100	23.36
Daily SMA200	22.43

Levels
Previous Daily High	24.2
Previous Daily Low	23.89
Previous Weekly High	24.4
Previous Weekly Low	23.22
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	24.01
Daily Fibonacci 61.8%	24.08
Daily Pivot Point S1	23.82
Daily Pivot Point S2	23.7
Daily Pivot Point S3	23.51
Daily Pivot Point R1	24.14
Daily Pivot Point R2	24.33
Daily Pivot Point R3	24.46

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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