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Silver Price Analysis: XAG/USD fluctuates around $20.00 as bears take a respite

Silver price stabilizes after sliding close to 5% on Tuesday.
XAG/USD Price Analysis: To resume its downward bias after dropping below $21.00.

Christian Borjon Valencia FXStreet

Silver price reached a multi-month low of around $19.92, but buyers stepped in, dragging the XAG/USD price above the $20.00 figure.

Wall Street finished the session mixed. The US Federal Reserve Chair Jerome Powell rattled the US equities market after commenting that to testify against the US Congress with a consistent hawkish tone. Therefore, the US Dollar (USD) consolidates yesterday’s gains, as shown by the US Dollar Index up 0.09%, at 105.710.

XAG/USD Price Action

After dropping almost 5% on Tuesday, the XAG/USD collapse appears to have found a temporal bottom. The XAG/USD printed a new YTD low at $19.92. Wednesday’s price action formed a doji, indicating that buyers and sellers are at equilibrium. The Relative Strength Index (RSI) is at oversold conditions as sellers take a breather, while the Rate of Change (RoC) suggests that sellers are gathering momentum.

If the XAG/USD tumbles below the YTD low at $19.92, the next line of defense for XAG bulls would be $19.00, ahead of sliding toward November’s 3 low at $18.84.

In an alternate scenario, the XAG/USD first resistance would be February’s 28 daily low turned resistance at $20.43. A breach of the latter will clear the pave toward March’s 2 low at $20.68, before testing the $21.00 psychological level.

XAG/USD Daily chart

XAG/USD Technical levels

XAG/USD

Overview
Today last price	20.05
Today Daily Change	-0.03
Today Daily Change %	-0.15
Today daily open	20.08

Trends
Daily SMA20	21.41
Daily SMA50	22.73
Daily SMA100	22.16
Daily SMA200	20.97

Levels
Previous Daily High	21.14
Previous Daily Low	20.03
Previous Weekly High	21.27
Previous Weekly Low	20.42
Previous Monthly High	24.64
Previous Monthly Low	20.42
Daily Fibonacci 38.2%	20.46
Daily Fibonacci 61.8%	20.72
Daily Pivot Point S1	19.7
Daily Pivot Point S2	19.31
Daily Pivot Point S3	18.59
Daily Pivot Point R1	20.81
Daily Pivot Point R2	21.53
Daily Pivot Point R3	21.91

Author

Christian Borjon Valencia

FXStreet

Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.

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