Silver Price Analysis: XAG/USD justifies Tuesday’s bearish candlestick near $22.50


  • Silver licks its wound around intraday low, down for the second consecutive day.
  • Bearish candlestick formation directs sellers toward two-month-old horizontal support.
  • Bulls may not risk taking the entries below late August lows.

Silver takes offers around $22.50, down 0.62% on a day ahead of Wednesday’s European session.

In doing so, the bright metal follows the bearish candlestick, namely Hanging man, flashed the previous day. However, bullish MACD and the key horizontal support line, stretched from August near $22.15, question further downside.

Even if the silver prices drop below $22.15, the $22.00 threshold will challenge the bears before directing them to the yearly low surrounding $21.42.

Meanwhile, recovery moves need to cross an area comprising multiple levels marked since August 20, around $22.85-90, to recall the silver buyers.

Following that, lows marked during the late August and early September, close to $23.30-35, may entertain them before directing the up-moves towards a three-month-old descending resistance line near $23.90.

Overall, XAG/USD remains in a bearish trajectory but short-term trading between $22.90 and $22.15 limits the quote’s immediate moves.

Silver: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 22.5
Today Daily Change -0.13
Today Daily Change % -0.57%
Today daily open 22.63
 
Trends
Daily SMA20 22.88
Daily SMA50 23.65
Daily SMA100 25.15
Daily SMA200 25.69
 
Levels
Previous Daily High 22.71
Previous Daily Low 22.37
Previous Weekly High 22.85
Previous Weekly Low 21.42
Previous Monthly High 24.87
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 22.5
Daily Fibonacci 61.8% 22.58
Daily Pivot Point S1 22.43
Daily Pivot Point S2 22.24
Daily Pivot Point S3 22.1
Daily Pivot Point R1 22.76
Daily Pivot Point R2 22.9
Daily Pivot Point R3 23.1

 

 

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