Silver Price Analysis: XAG/USD rebounds after falling toward $22.00


  • Silver tumbles to $22.07, and it was able to hold above the critical $22.00 area. 
  • It rebounded sharply, alleviating the negative bias. 

Silver trimmed losses during the last hours and after hitting a weekly low at $22.07, near the 2021 low of $22.01. The $22.00 zone continues to be a key and intact barrier that if broken, could lead to further losses. 

The rebound in XAG/USD pushed the price to levels near $22.50. The metal is now down just 0.35% for the day and flat for the week. A recovery above $22.60 would further alleviate the bearish pressure. 

For silver to suggest a potential short-term bottom, it needs to rise above $23.00. Above the next level to consider is the 20-day moving average around $23.60. 

The key driver in the recent spike lower was a stronger US dollar across the board amid higher US yields and some caution across financial markets. Federal Reserve official on Friday opened the doors further to a tapering in November, reaffirming the signs that emerged from this week’s FOMC meeting. 

XAG/USD daily chart 
 

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XAG/USD

Overview
Today last price 22.38
Today Daily Change -0.13
Today Daily Change % -0.58
Today daily open 22.51
 
Trends
Daily SMA20 23.61
Daily SMA50 24.1
Daily SMA100 25.56
Daily SMA200 25.83
 
Levels
Previous Daily High 22.88
Previous Daily Low 22.47
Previous Weekly High 23.97
Previous Weekly Low 22.33
Previous Monthly High 26
Previous Monthly Low 22.17
Daily Fibonacci 38.2% 22.63
Daily Fibonacci 61.8% 22.73
Daily Pivot Point S1 22.36
Daily Pivot Point S2 22.22
Daily Pivot Point S3 21.96
Daily Pivot Point R1 22.77
Daily Pivot Point R2 23.03
Daily Pivot Point R3 23.18

 

 

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