Silver Price Analysis: XAG/USD offers aim for $22.40 resistance-turned-support


  • Silver takes offers to refresh intraday low, snaps three-day uptrend.
  • 10-DMA, one-month-old falling trend line restricts immediate downside.
  • Sluggish Momentum line challenge bearish moves towards yearly low.
  • Bulls need validation from $22.90 for fresh entries.

Silver (XAG/USD) prices print the day’s fresh low around $22.50, down 0.80% intraday while marking the first daily fall in four during early Tuesday.

Although failures to cross a six-week-old horizontal hurdle keeps XAG/USD sellers hopeful, a convergence of the 10-DMA and previous resistance line from early September, near $22.40, challenges the quote’s immediate declines.

Even if the bears manage to conquer the $22.40 strong support, the $22.00 threshold will add to the downside filters before dragging the metal towards the yearly low of $21.42.

It should be noted that the weaker Momentum line portrays the traders’ indecision, challenging the latest pullback.

However, the recovery moves need to cross the stated horizontal resistance near $22.90 to direct the silver buyers towards the $23.30 hurdle comprising lows marked during late August and early September.

Above all, silver’s bearish trajectory, as indicated by descending resistance line from July 6, around $23.90 by the press time, remains intact.

Silver: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 22.5
Today Daily Change -0.18
Today Daily Change % -0.79%
Today daily open 22.68
 
Trends
Daily SMA20 22.96
Daily SMA50 23.69
Daily SMA100 25.2
Daily SMA200 25.71
 
Levels
Previous Daily High 22.78
Previous Daily Low 22.28
Previous Weekly High 22.85
Previous Weekly Low 21.42
Previous Monthly High 24.87
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 22.59
Daily Fibonacci 61.8% 22.47
Daily Pivot Point S1 22.38
Daily Pivot Point S2 22.09
Daily Pivot Point S3 21.89
Daily Pivot Point R1 22.88
Daily Pivot Point R2 23.08
Daily Pivot Point R3 23.38

 

 

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