Silver Price Analysis: XAG/USD extends 200-DMA breakdown to refresh three-month low near $22.00

Silver Price drops to the lowest levels in three months during five-day losing streak.
Clear downside break of previous support line from mid-March, 200-DMA favor XAG/USD bears.
Bearish MACD signals also suggest further downside of the Silver Price but RSI (14) hints at a pullback.
Nine-month-old ascending support line appears the key challenge for metal sellers.

Anil Panchal FXStreet

Silver Price (XAG/USD) stands on slippery grounds as it declines for the fifth consecutive day to print the lowest level since March 17 to around $22.15 amid Friday’s Asian session.

In doing so, the bright metal justifies the early-week break of an ascending support line from mid-March, now resistance around $23.20, as well as the previous day’s smashing of the 200-DMA level surrounding $22.50.

Also favoring the Silver sellers are the bearish MACD signals.

However, the oversold RSI (14) line suggests limited downside room for the XAG/USD, which in turn highlights the 50% Fibonacci retracement level of the metal’s upside from September 2022 to May 2023, close to $21.80.

Following that, an upward-sloping support line from early September and the 61.8% Fibonacci retracement level, respectively around $21.30 and $20.80, will act as the last defense of the Silver buyers.

Meanwhile, the XAG/USD run-up beyond the 200-DMA level of $22.50 and the support-turned-resistance line of around $23.20 could convince the buyers to challenge the monthly high surrounding $24.55, a break of which will push the Silver bears off the table.

Silver Price: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	22.15
Today Daily Change	-0.10
Today Daily Change %	-0.45%
Today daily open	22.25

Trends
Daily SMA20	23.58
Daily SMA50	24.25
Daily SMA100	23.33
Daily SMA200	22.47

Levels
Previous Daily High	22.74
Previous Daily Low	22.18
Previous Weekly High	24.4
Previous Weekly Low	23.22
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	22.39
Daily Fibonacci 61.8%	22.52
Daily Pivot Point S1	22.04
Daily Pivot Point S2	21.83
Daily Pivot Point S3	21.49
Daily Pivot Point R1	22.6
Daily Pivot Point R2	22.94
Daily Pivot Point R3	23.15

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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