Silver Price Analysis: XAG/USD hits eight-day low, technicals suggest further declines

Silver price drops to $22.43, approaching key technical support that may indicate a nearing bottom.
Technical analysis points to a potential decline toward yearly lows if prices fall decisively below $22, showcasing bearish trends.
A rebound above $23.00 might steer silver towards challenging the $23.30 resistance level, giving bulls an opportunity for recovery.

Christian Borjon Valencia FXStreet

Silver price falls to an eight-day low of $22.43, though it appears to have bottomed out at around the $22.40-50 area. The advance of US Treasury bond yields capped the nonyielding metal, with XAG/USD trading at $22.49, down 0.04%.

XAG/USD Price Analysis: Technical outlook

The daily chart portrays that XAG/USD has extended its losses to levels last seen at around mid-February after briefly testing the confluence of the 50, 100, and 200-day moving averages (DMAs) at around the $23.00-$23.30 area. Even though Silver’s price action remains sideways, it’s tilted to the downside, but sellers must step in and drag prices below the $22.00 figure. Once achieved, that would open the door to test the yearly lows of $21.93, the November 13 low of $21.88, and the October 3 low of $20.69.

On the other hand, if XAG/USD buyers lift the spot price above $23.00, look for a re-test of the $23.30 area.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	22.47
Today Daily Change	-0.06
Today Daily Change %	-0.27
Today daily open	22.53

Trends
Daily SMA20	22.73
Daily SMA50	23.07
Daily SMA100	23.21
Daily SMA200	23.28

Levels
Previous Daily High	22.95
Previous Daily Low	22.45
Previous Weekly High	23.46
Previous Weekly Low	22.56
Previous Monthly High	24.09
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	22.64
Daily Fibonacci 61.8%	22.76
Daily Pivot Point S1	22.34
Daily Pivot Point S2	22.14
Daily Pivot Point S3	21.83
Daily Pivot Point R1	22.84
Daily Pivot Point R2	23.15
Daily Pivot Point R3	23.34

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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