Silver Price Analysis: XAG/USD dips below $22 as bearish harami pattern looms

Silver price struggles beneath the $22 mark, forming a bearish 'harami' pattern on daily charts.
Potential bearish continuation looms, with sights set on the October 9 low of $21.57.
Recovery above $22.00 necessitates claiming $22.11, with subsequent hurdles noted at 20-day EMA.

Christian Borjon Valencia FXStreet

Silver price (XAG/USD) loses some of its bright, retreats from around weekly highs of $22.01 and is back below the figure, exchanging hands at around $21.75, even though US Treasury bond yields continued to extend their losses.

The daily chart portrays the white metal was shy of reclaiming the June 23 swing low of $23.11, but failure to do it, exacerbated selling pressure at around the $22.00 mark. Consequently, XAG/USD dropped and is forming a two-candlestick bearish pattern, called a ‘bearish-harami’, the equivalent of an ‘inside day.’ A bearish continuation would happen, once Silver price slides below the October 9 swing low of $21.57, putting into play a test of the year-to-date (YTD) low of $19.90.

On the other hand, if XAG/USD recovers the $22.00 figure, buyers must claim a June 23 low of $22.11. A breach of the latter will expose the 20-day Exponential Moving Average (EMA) at $22.38 before testing the 50-day moving average (DMA) at $22.98.

XAG/USD Price Action – Daily chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	21.75
Today Daily Change	-0.13
Today Daily Change %	-0.59
Today daily open	21.88

Trends
Daily SMA20	22.46
Daily SMA50	23.05
Daily SMA100	23.36
Daily SMA200	23.38

Levels
Previous Daily High	22.02
Previous Daily Low	21.57
Previous Weekly High	22.2
Previous Weekly Low	20.68
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	21.85
Daily Fibonacci 61.8%	21.74
Daily Pivot Point S1	21.63
Daily Pivot Point S2	21.38
Daily Pivot Point S3	21.19
Daily Pivot Point R1	22.08
Daily Pivot Point R2	22.27
Daily Pivot Point R3	22.52

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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