Silver Price Analysis: XAG/USD fall by more than 4%, breaking key support


  • XAG/USD suffers the worst daily decline in months.
  • Price hits the lowest level in five weeks, under pressure after losing key support levels.
  • Gold remains steady, US stocks rise.

Silver price is falling sharply on Monday, even as the US Dollar holds relatively steady and despite rising equity prices. XAG/USD recently hit  a fresh one-month low at $22.73 before rebounding toward $23.00.

During the Asian session, silver hit a five-day high at $24.15 but It failed to hold above $24.00. After moving sideways during most of the European session, XAG/USD broke the $23.60 support area, and tumbled, also losing the $23.10/20 zone.

At some point of the day, silver was losing more than 5% before trimming some losses. The sharp decline takes place even as gold trades practically flat for the day and even as Wall Street rises. The Dow Jones is up by 0.80% and the S&P 500 gains 1.05%.

The technical outlook has deteriorated significantly for XAG/USD. The 20-day Simple Moving Average, today at $23.70 is starting to turn south. The next strong support emerges at $22.50.

A recovery back above $23.20 would alleviate the bearish pressure. A daily close well above $24.10 should open the doors to more gains over the medium term.

XAG/USD 4-hour chart

XAUUSD

XAG/USD

Overview
Today last price 22.93
Today Daily Change -1.01
Today Daily Change % -4.22
Today daily open 23.94
 
Trends
Daily SMA20 23.8
Daily SMA50 22.98
Daily SMA100 21.23
Daily SMA200 21.04
 
Levels
Previous Daily High 24.08
Previous Daily Low 23.71
Previous Weekly High 24.51
Previous Weekly Low 23.17
Previous Monthly High 24.3
Previous Monthly Low 22.03
Daily Fibonacci 38.2% 23.94
Daily Fibonacci 61.8% 23.85
Daily Pivot Point S1 23.74
Daily Pivot Point S2 23.54
Daily Pivot Point S3 23.36
Daily Pivot Point R1 24.11
Daily Pivot Point R2 24.28
Daily Pivot Point R3 24.48

 

 

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