Silver Price Analysis: XAG/USD rebounds on the way to $20.80

  • Silver snaps four-day downtrend, bounces off nine-week low.
  • Bearish MACD signals, sustained break of previous key support line from September keep sellers hopeful.
  • Four-month-old horizontal area, 2021 low act as additional supports before 61.8% FE.

Silver (XAG/USD) stays firmer above $22.00, up 0.82% intraday around $22.42 as traders await Thursday’s European session.

The bright metal bounces off a two-month-old horizontal area but bearish MACD signals and a clear weakness after breaking the support line from late September favor sellers.

Hence, further selling can be witnessed on a sustained break of the stated immediate support zone near $22.00-15.

Following that, the yearly bottom marked in September and 61.8% Fibonacci Expansion (FE) of May-November moves, respectively near $21.40 and $20.80, will be lure XAG/USD sellers.

Meanwhile, corrective pullback remains elusive below the early November’s low around $23.00, a break of which will escalate the recovery moves towards the 38.2% Fibonacci retracement (Fibo.) level of May-September fall, around $24.20.

Should silver buyers remain dominant past $24.20, the previous support line from September and November’s peak, close to $24.35 and $25.40 in that order, will be in focus.

Silver: Daily chart

Trend: Further weakness expected

Additional important levels

Today last price 22.41
Today Daily Change 0.18
Today Daily Change % 0.81%
Today daily open 22.23
Daily SMA20 24.11
Daily SMA50 23.57
Daily SMA100 23.87
Daily SMA200 25.15
Previous Daily High 23.03
Previous Daily Low 22.19
Previous Weekly High 24.89
Previous Weekly Low 22.92
Previous Monthly High 25.41
Previous Monthly Low 22.69
Daily Fibonacci 38.2% 22.51
Daily Fibonacci 61.8% 22.71
Daily Pivot Point S1 21.93
Daily Pivot Point S2 21.64
Daily Pivot Point S3 21.09
Daily Pivot Point R1 22.78
Daily Pivot Point R2 23.33
Daily Pivot Point R3 23.62



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