Silver Price Analysis: XAG/USD pullbacks as evening star emerges, suggesting further downside

XAG/USD dips 1.13% to $24.00, supported by 50-day and 20-day EMA.
RSI and three-day RoC indicators suggest a downward trend.
Support and resistance at $23.51 and $24.52, respectively; $25.00 remains crucial.

Christian Borjon Valencia FXStreet

Silver price retreats as it forms a three-candlestick pattern “evening-star” at around $24.00, though cushioned by the presence of the 50-day Exponential Moving Average (EMA) at $23.89, ahead of the 20-day EMA at $23.83. At the time of writing, the XAG/USD is trading at $24.00, below its opening price by 1.13%.

XAG/USD Price Analysis: Technical outlook

From a daily chart perspective, the XAG/USD is neutral to downward tilted, as the pair remained well below the May 11 high of $25.47. Even though support levels lie at around the $23.83/89 area, the Relative Strength Index (RSI) indicator aims downward, warranting further downside. The three-day Rate of Change (RoC) also portrays buying pressure waning. That said, the XAG/USD pullback could extend further.

The XAG/USD next support would be the 100-day EMA at $23.51, followed by June 8 daily low at $23.41, ahead of testing the 200-day EMA at $22.91. Conversely, the XAG/USD first resistance would be June 9 at $24.52, followed by the $25.00 figure.

XAG/USD Price Action – Daily chart

XAG/USD

Overview
Today last price	24.03
Today Daily Change	-0.26
Today Daily Change %	-1.07
Today daily open	24.29

Trends
Daily SMA20	23.58
Daily SMA50	24.49
Daily SMA100	23.35
Daily SMA200	22.26

Levels
Previous Daily High	24.53
Previous Daily Low	24.2
Previous Weekly High	24.53
Previous Weekly Low	23.25
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	24.4
Daily Fibonacci 61.8%	24.32
Daily Pivot Point S1	24.15
Daily Pivot Point S2	24.01
Daily Pivot Point S3	23.82
Daily Pivot Point R1	24.48
Daily Pivot Point R2	24.67
Daily Pivot Point R3	24.81

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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