Silver Price Analysis: XAG/USD eyes 100-DMA after symmetrical triangle breakdown

Silver looks to extend losses while clinging onto 21-DMA.
XAG/USD charted symmetrical triangle breakdown on the daily chart.
Downside appears more compelling amid bearish RSI.

Dhwani Mehta FXStreet

Silver (XAG/USD) is trading in a familiar range so far this Wednesday, defending the $24 mark while the bears look to extend control in the near-term.

The spot is clinging onto the 21-daily moving average (DMA) at $24.25, awaiting a fresh catalyst to resume the move lower.

It's worth noting that the price charted a symmetrical triangle breakdown on the daily chart last Monday, having closed the day below the rising trendline (pattern) support, then at $24.51.

On a fresh selling wave, the white metal is likely to test the 100-DMA support at $23.41. A break below the latter could expose the September 24 low of $21.65.

The daily Relative Strength Index (RSI) inches lower, below the midline, at 46.81, pointing towards the additional downside.

To the upside, the pattern support-turned-resistance, now at $24.76, needs to be scaled, in order to trigger a pullback towards the $25 mark.

XAG/USD: Daily chart

XAG/USD: Additional levels

XAG/USD

Overview
Today last price	24.23
Today Daily Change	-0.11
Today Daily Change %	-0.45
Today daily open	24.35

Trends
Daily SMA20	24.25
Daily SMA50	25.47
Daily SMA100	23.35
Daily SMA200	19.82

Levels
Previous Daily High	24.62
Previous Daily Low	24.2
Previous Weekly High	25.29
Previous Weekly Low	24.12
Previous Monthly High	28.9
Previous Monthly Low	21.66
Daily Fibonacci 38.2%	24.46
Daily Fibonacci 61.8%	24.36
Daily Pivot Point S1	24.16
Daily Pivot Point S2	23.97
Daily Pivot Point S3	23.74
Daily Pivot Point R1	24.58
Daily Pivot Point R2	24.81
Daily Pivot Point R3	25

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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