Silver Price Analysis: XAG/USD falls but is subdued around $19.10, ahead of FOMC’s decision

Silver price tumbles ahead of the Fed November meeting on a buoyant US Dollar.
From a daily chart perspective, XAG/USD remains neutral-to-downward biased.
Short term, the XAG/USD is subdued around $19.10s.

Christian Borjon Valencia FXStreet

XAG/USD slides from around the daily high at $19.25 towards the 50-day Exponential Moving Average (EMA) at $19.09 amidst broad US Dollar strength, exacerbated by US Treasury yields rising on an almost certain 75 bps Federal Reserve hike at November’s meeting. At the time of writing, XAG/USD is trading at $19.13, below its opening price by 0.40%.

XAG/USD Price Forecast: Technical outlook

From a daily chart perspective, XAG/USD remains neutral-to-downward biased, though it was neutral when the white metal reached a monthly high at $21.23. However, erased its gains, and at the time of typing, it meanders around $19.10s. Worth noting that on its way south, the white metal tumbled below the 100 and the 20-day EMAs, so as mentioned above, the bias remains unchanged.

The Relative Strength Index (RSI) crossed below the 50-midline, meaning sellers are gathering momentum. Nevertheless, XAG/USD needs to achieve a daily close below $19.00, to open the door for further losses.

Short term, the XAG/USD is range-bound. However, traders should be aware that the Exponential Moving Averages (EMAs) remain below the spot price except for the 50 and 100-EMA, hovering around the daily pivot point at $19.25 and $19.37, respectively. Also, the Relative Strength Index (RSI) below the 50-midline is trendless, meaning that silver is consolidated.

Key resistance levels lie at the 50-EMA at $19.25, followed by the daily pivot level at $19.28, ahead of the 100-EMA at $19.37. On the flip side, the XAG/USD first support would be the confluence of the 20 and 200-EMA at $19.12, followed by the S1 daily pivot at $18.93, followed by the S2 pivot level at $18.65.

Key Technical Levels

XAG/USD

Overview
Today last price	19.14
Today Daily Change	-0.11
Today Daily Change %	-0.57
Today daily open	19.25

Trends
Daily SMA20	19.46
Daily SMA50	19.11
Daily SMA100	19.56
Daily SMA200	21.6

Levels
Previous Daily High	19.64
Previous Daily Low	19
Previous Weekly High	19.78
Previous Weekly Low	18.79
Previous Monthly High	20.02
Previous Monthly Low	17.56
Daily Fibonacci 38.2%	19.24
Daily Fibonacci 61.8%	19.39
Daily Pivot Point S1	18.95
Daily Pivot Point S2	18.66
Daily Pivot Point S3	18.31
Daily Pivot Point R1	19.59
Daily Pivot Point R2	19.94
Daily Pivot Point R3	20.23

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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