Silver Price Analysis: XAG/USD hurdles key supports, challenges trendline around $22.70

Silver continues to sink, after hitting $24.63, so far down 10.41% since last week.
The XAG/USD is bearishly biased, with sellers eyeing $21.88.
If Silver buyers reclaim $23.00, upside risks emerge with key resistance levels at the 100 and 200 DMAs.

Christian Borjon Valencia FXStreet

Silver price (XAG/USD) dives during the North American session, though it remains above a two-month-old support trendline that passes at around the $22.70 area. At the time of writing, the XAG/USD is trading at around $22.74, down by 1.02%.

XAG/USD’s daily chart portrays the grey metal as downward biased but its downtrend stalled at a support level. If sellers would like to challenge the November 13 swing low, they must regain the $22.50 area, followed by the $22.00 per troy ounce figure. That would keep the bears in charge and could open the door to test October’s low of $20.69.

For a bullish resumption, XAG/USD buyers need to reclaim the $23.00 mark and the 50-day moving average (DMA) at $23.09. If those two levels are surpassed, bulls could target the 100 and 200-DMAs, each at $23.22 and $23.50, respectively. Once cleared the $24.00 figure would emerge as the next stop.

XAG/USD Price Analysis – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	22.78
Today Daily Change	-0.25
Today Daily Change %	-1.09
Today daily open	23.03

Trends
Daily SMA20	24
Daily SMA50	23.07
Daily SMA100	23.26
Daily SMA200	23.49

Levels
Previous Daily High	23.9
Previous Daily Low	22.94
Previous Weekly High	25.92
Previous Weekly Low	22.94
Previous Monthly High	25.27
Previous Monthly Low	21.88
Daily Fibonacci 38.2%	23.31
Daily Fibonacci 61.8%	23.53
Daily Pivot Point S1	22.68
Daily Pivot Point S2	22.34
Daily Pivot Point S3	21.73
Daily Pivot Point R1	23.64
Daily Pivot Point R2	24.24
Daily Pivot Point R3	24.59

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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