Silver Price Analysis: XAG/USD keeps pullback from 100-EMA around $22.50


  • Silver remains on the back foot inside a bearish set-up.
  • Ascending triangle, sustained trading below key EMAs favor bears.
  • Three-week-old horizontal area becomes the key hurdle to the north, monthly resistance-turned-support adds to the downside filters.

Despite bouncing off intraday low, silver (XAG/USD) prints the 0.10% intraday loss around $22.57 during Friday’s Asian session.

The bright metal refreshed weekly top the previous day before stepping back from 100-EMA. Even so, the commodity remained inside a one-week-old ascending triangle, a bearish chart pattern. It’s worth noting that descending Momentum line adds to the bearish bias for the quote.

That said, the stated triangle’s support line near $22.30 acts as an immediate target for sellers ahead of the previous resistance line from early September, around $21.70.

In a case where the XAG/USD prices drop below $21.70, the yearly low of $21.40 and the $21.00 threshold will be in focus.

Alternatively, an upside clearance of the 100-EMA, close to $22.68 by the press time, needs to cross the triangle’s upper line figure of $22.81 to probe the bears.

However, silver buyers will wait for a clear run-up past the $23.10-15 area comprising 200-EMA and tops marked since September 17.

Silver: Four-hour chart

Trend: Further weakness expected

Additional impotant levels

Overview
Today last price 22.56
Today Daily Change -0.04
Today Daily Change % -0.18%
Today daily open 22.6
 
Trends
Daily SMA20 22.74
Daily SMA50 23.54
Daily SMA100 25.04
Daily SMA200 25.66
 
Levels
Previous Daily High 22.81
Previous Daily Low 22.39
Previous Weekly High 22.85
Previous Weekly Low 21.42
Previous Monthly High 24.87
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 22.55
Daily Fibonacci 61.8% 22.65
Daily Pivot Point S1 22.39
Daily Pivot Point S2 22.18
Daily Pivot Point S3 21.97
Daily Pivot Point R1 22.81
Daily Pivot Point R2 23.02
Daily Pivot Point R3 23.23

 

 

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