Silver Price Analysis: XAG/USD price retreats below $23.00 as double-top looms

Silver is facing a potential double-top formation on the daily chart suggests further retracement is possible.
Key support levels include the 50-day moving average (DMA) at $22.93 and the 20-day DMA at $22.45.
On the upside, reclaiming $23.00 would bring the 200-DMA at $23.28 into focus, followed by the September 23 daily high at $23.77.

Christian Borjon Valencia FXStreet

Silver price trips down and aims below the $23.00 mark, which was briefly visited by the grey metal and capped by a strong recovery from the Greenback. The XAG/USD is trading at $22.86, down 1.82%.

A double-top in the daily chart is forming, suggesting that XAG/USD could retrace further, past the latest cycle low of $22.45, the October 26 low. However, on its way to challenging the latter, Silver must break key technical support levels like the 50-day moving average (DMA) at 422.93, and the 20-day moving average (DMA) at $22.45. Once those levels are cleared, Silver could shift from a neutral to a downward bias.

Conversely, if XAG/USD stays above the 50-DMA and reclaims $23.00, the following resistance level would be the 200-DMA at $23.28, which needs to be cleared, along with the September 23 daily high at $23.77, the latest cycle high, to shift the grey-metal bias to upwards. In that outcome, the XAG/USD next resistance would be $24.00.

XAG/USD Price Action – Daily chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	22.87
Today Daily Change	-0.45
Today Daily Change %	-1.93
Today daily open	23.32

Trends
Daily SMA20	22.39
Daily SMA50	22.97
Daily SMA100	23.24
Daily SMA200	23.3

Levels
Previous Daily High	23.61
Previous Daily Low	23.02
Previous Weekly High	23.36
Previous Weekly Low	22.44
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	23.38
Daily Fibonacci 61.8%	23.24
Daily Pivot Point S1	23.03
Daily Pivot Point S2	22.73
Daily Pivot Point S3	22.44
Daily Pivot Point R1	23.61
Daily Pivot Point R2	23.91
Daily Pivot Point R3	24.2

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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