Silver Price Analysis: XAG/USD cracks below the 20/50-DMA, hovers around $22.50s
- Silver prices show little movement, trading at $22.59 amid a halt in the decline of US Treasury yields and a negligible uptick in the Dollar.
- Technical analysis suggests a neutral to bearish outlook for silver, with a potential drop if it closes below the October 26 low of $22.44.
- Silver's immediate support and resistance levels hover around the $22.00 and $23.00 marks, respectively.
Silver price is almost flat during Wednesday’s North American session, as US Treasury bond yields halted its decline, while the Greenback (USD) prints minuscule gains of 0.01%, as shown by the US Dollar Index (DXY). At the time of writing, the XAG/USD is trading at $22.59, after seesawing in a $22.31/$22.84 range, unable to reach the $23.00 mark.
From a technical perspective, XAG/USD is neutral to downward bias and would extend its losses once it achieves a daily close below the latest cycle low seen on October 26, a swing low of $22.44. In that outcome, the grey metal would shift downwards. Therefore, key support levels could be challenged, with the $22.00 figure, the first line of defense for Silver Bulls, followed by $21.50, followed by the $21.00 mark.
On the flip side, buyers must reclaim the 50-day moving average (DMA) at $22.75, followed by the 20-DMA at $22.84, followed by the $23.00 mark.
XAG/USD Price Chart – Daily
XAG/USD Technical Levels
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.
