Silver Price Analysis: XAG/USD defends $23.00, looks set for a bumpy road to the south

Silver remains mildly offered around one-week low, recently teasing daily bottom.
Bearish MACD, pullback from 10-day EMA favor sellers during three-day downtrend.
Multiple trend lines to challenge bears ahead of yearly low.

Anil Panchal FXStreet

Silver (XAG/USD) drops 1.25% during early Thursday, around $23.20 by the press time. In doing so, the white metal justifies Tuesday’s pullback from 10-day EMA amid bearish MACD to refresh one-week low, not to forget declining for the third consecutive day.

It should be noted, however, that the current south-run has a bumpy road before hitting the yearly low of $22.16, flashed on August 09.

Among them, a downward sloping trend line from January, near $23.00, becomes the first rest-point for the silver bears.

Following that, an 11-month-old ascending support line, near $22.70, will act as an additional filter.

It’s worth marking that the quote’s weakness past $22.16, will aim for the $22.00 threshold but lows marked during the November and September months of 2020, respectively around $21.90 and $21.65, will entertain the bears.

Alternatively, a daily closing beyond the 10-day EMA level of $23.76 needs validation from March low near $23.80 and the weekly top surrounding $24.00 to recall the XAG/USD buyers.

Silver: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	23.21
Today Daily Change	-0.31
Today Daily Change %	-1.32%
Today daily open	23.52

Trends
Daily SMA20	24.53
Daily SMA50	25.55
Daily SMA100	26.13
Daily SMA200	25.89

Levels
Previous Daily High	23.83
Previous Daily Low	23.29
Previous Weekly High	24.37
Previous Weekly Low	22.17
Previous Monthly High	26.78
Previous Monthly Low	24.5
Daily Fibonacci 38.2%	23.5
Daily Fibonacci 61.8%	23.62
Daily Pivot Point S1	23.26
Daily Pivot Point S2	23.01
Daily Pivot Point S3	22.73
Daily Pivot Point R1	23.8
Daily Pivot Point R2	24.08
Daily Pivot Point R3	24.33

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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