Silver Price Analysis: XAG/USD extends pullback from 200-DMA to break $21.00

Silver price snaps two-day winning streak, renews intraday low of late.
Clear U-turn from 200-DMA, bearish MACD signals hint at XAG/USD’s further downside.
Three-week-old descending resistance line, horizontal area from the last December also challenge Silver buyers.
Six-month-long upward-sloping trend line can restrict XAG/USD downside amid nearly oversold RSI (14).

Anil Panchal FXStreet

Silver price (XAG/USD) takes offers to refresh intraday low near $20.90 as it prints the first daily loss in three during early Thursday. In doing so, the bright metal reverses from the 200-DMA amid the bearish MACD signals.

While a pullback from the key moving average and downbeat oscillator hints keep the XAG/USD sellers hopeful, the nearly oversold RSI (14) conditions suggest the quote has limited downside room.

As a result, an ascending support line from early September 2022, around $20.45, becomes crucial to watch for the Silver traders.

It should be noted that the lows marked during early November 2022, as well as on Wednesday, highlight $20.40 as an extra filter towards the south. Additionally, the $20.00 could act as the last defense of the XAG/USD buyers.

Hence, the Silver price is likely to extend the latest downturn but the room towards the south appears limited.

That said, the metal’s recovery moves past the 200-DMA hurdle of $21.00 isn’t an open invitation to the Silver buyers as a downward-sloping resistance line from February 08, close to $21.70 at the latest, could challenge the quote’s further advances.

Above all, the XAG/USD remains on the bear’s radar unless crossing a three-month-old horizontal resistance area surrounding $22.55-60.

Silver price: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	20.94
Today Daily Change	-0.04
Today Daily Change %	-0.19%
Today daily open	20.98

Trends
Daily SMA20	21.76
Daily SMA50	22.97
Daily SMA100	22.07
Daily SMA200	20.99

Levels
Previous Daily High	21.18
Previous Daily Low	20.84
Previous Weekly High	21.98
Previous Weekly Low	20.74
Previous Monthly High	24.64
Previous Monthly Low	20.42
Daily Fibonacci 38.2%	21.05
Daily Fibonacci 61.8%	20.97
Daily Pivot Point S1	20.82
Daily Pivot Point S2	20.65
Daily Pivot Point S3	20.47
Daily Pivot Point R1	21.16
Daily Pivot Point R2	21.35
Daily Pivot Point R3	21.51

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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