Silver Price Analysis: XAG/USD eases from key EMA confluence below $22.00

Silver price takes offers to refresh intraday low, extends late Wednesday’s pullback from five-week high.
Multiple key Exponential Moving Averages (EMAs) challenge XAG/USD bulls even as MACD signals favor upside.
6.5-month-old ascending trend line appears the key support to watch.

Anil Panchal FXStreet

Silver price (XAG/USD) renews its intraday low near $21.70 as it consolidates the previous day’s gains, extending a pullback from a five-week high, during early Thursday. In doing so, the bright metal portrays the fourth consecutive failure on a day to cross the convergence of the key Exponential Moving Averages (EMAs).

That said, the 50-EMA joins 100-EMA and 200-EMA to highlight the $21.80-90 region as a tough nut to crack for the Silver buyers.

Even so, bullish MACD signals join an upward-sloping trend line from early September 2022 to restrict the immediate downside of the XAG/USD around $20.00.

Ahead of that, the previous weekly top of around $21.30 and the $21.00 could lure the Silver bears.

In a case where the Silver price remains bearish past $20.00, the odds of witnessing a slump toward the November 2022 low near $18.80 can’t be ruled out.

On the flip side, a daily closing beyond $21.90 appears necessary for the XAG/USD bulls to retake control.

Even so, the $22.00 threshold and January’s low near $22.75 could challenge the Silver buyers before giving them control.

Overall, the Silver price remains far from the buyer’s radar unless crossing $21.90. However, the downside room also appears limited.

Silver price: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	21.69
Today Daily Change	-0.09
Today Daily Change %	-0.41%
Today daily open	21.78

Trends
Daily SMA20	21.11
Daily SMA50	22.39
Daily SMA100	22.27
Daily SMA200	20.94

Levels
Previous Daily High	22.39
Previous Daily Low	21.54
Previous Weekly High	21.31
Previous Weekly Low	19.9
Previous Monthly High	24.64
Previous Monthly Low	20.42
Daily Fibonacci 38.2%	22.07
Daily Fibonacci 61.8%	21.87
Daily Pivot Point S1	21.42
Daily Pivot Point S2	21.06
Daily Pivot Point S3	20.57
Daily Pivot Point R1	22.26
Daily Pivot Point R2	22.75
Daily Pivot Point R3	23.11

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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