Silver Price Analysis: XAG/USD dives below the 100/200-DMA, turns bearish, eyeing $21.00

Silver shifted bearish following Thursday’s daily close below the 200-DMA
Silver Price Analysis: A downward condition is expected with price action and RSI’s coinciding on its bearish bias.

Christian Borjon Valencia FXStreet

Silver price slides below a bottom-trend line of a bearish megaphone formation and is testing the 200-day Exponential Moving Average (EMA) at around $21.95. At the time of writing, the XAG/USD exchanges hands at $21.97.

From a daily chart perspective, XAG/USD threatens to crack the 200-day EMA, which, if accomplished, it could pave the way for further losses. In addition, oscillators turned bearish, notably the Relative Strength Index (RSI), while the Rate of Change (RoC) is almost flat, depicting that neither buyers/sellers are in control.

However, XAG/USD’s daily close below the 200-day EMA could send Silver prices diving. The next support area would be the $21.00 psychological price level, followed by the November 28 daily low of $20.87 and the November 21 low of $20.59.

As an alternate scenario, the XAG/USD’s first resistance would be the psychological $22.00 mark. A breach of the latter would expose a support-turned-resistance bottom trendline of the megaphone formation at $22.40, followed by the high of the week at $22.59.

Silver Daily Chart

Silver key technical levels

XAG/USD

Overview
Today last price	21.98
Today Daily Change	-0.31
Today Daily Change %	-1.39
Today daily open	22.29

Trends
Daily SMA20	23.49
Daily SMA50	23.47
Daily SMA100	21.77
Daily SMA200	21.01

Levels
Previous Daily High	22.54
Previous Daily Low	22.14
Previous Weekly High	24.64
Previous Weekly Low	22.29
Previous Monthly High	24.55
Previous Monthly Low	22.76
Daily Fibonacci 38.2%	22.39
Daily Fibonacci 61.8%	22.29
Daily Pivot Point S1	22.11
Daily Pivot Point S2	21.92
Daily Pivot Point S3	21.71
Daily Pivot Point R1	22.51
Daily Pivot Point R2	22.72
Daily Pivot Point R3	22.91

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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