Silver Price Analysis: XAG/USD cuts some of its losses back above the 100-DMA

XAG/USD reclaims the 100-day EMA at $23.47 after dipping to a daily low, showcasing a subtle comeback.
Despite the recovery, the market remains neutral to downward biased as XAG/USD fails to reconquer the April 25 daily low.
Technical indicators suggest a battle between sellers and incoming buyers, hinting at volatility in the XAG/USD market.

Christian Borjon Valencia FXStreet

XAG/USD stages a comeback though it remains slightly below its opening price, reclaimed the 100-day Exponential Moving Average (EMA) at $23.47 after hitting a daily low of $23.25. At the time of writing, XAG/USD exchanges hands at $23.55, down 0.14%

XAG/USD Price Analysis: Technical outlook

From a daily chart perspective, the XAG/USD is neutral to downward biased, as price action has failed to reconquer the April 25 daily low of $24.49, which could pave the way for further upside. In addition, the Relative Strength Index (RSI) indicator at bearish territory suggests that sellers are in charge, while the 3-day Rate of Change (RoC) indicates that buyers are moving in, cushioning the XAG/USD’s fall.

For a bearish resumption, XAG/USD must fall below the 100-day EMA at $23.47 to force a downward move to the $23.00 figure. A breach of the latter will expose the 200-day Exponential Moving Average (EMA) at $22.86.

Conversely, if XAG/USD buyers reclaim the 20-day EMA at $23.76, a rally toward the $24.00 is on the cards. But on its way north lies the 50-day EMA at $23.89.

XAG/USD Price Action – Daily chart

XAG/USD

Overview
Today last price	23.56
Today Daily Change	-0.05
Today Daily Change %	-0.21
Today daily open	23.61

Trends
Daily SMA20	23.86
Daily SMA50	24.45
Daily SMA100	23.36
Daily SMA200	22.12

Levels
Previous Daily High	24.02
Previous Daily Low	23.58
Previous Weekly High	24.02
Previous Weekly Low	22.93
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	23.75
Daily Fibonacci 61.8%	23.85
Daily Pivot Point S1	23.45
Daily Pivot Point S2	23.3
Daily Pivot Point S3	23.01
Daily Pivot Point R1	23.9
Daily Pivot Point R2	24.18
Daily Pivot Point R3	24.34

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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