Silver Price Analysis: XAG/USD recovers but stalls below the 200-day EMA, as RSI remains bearish

Silver struggles below the 200-day EMA, trading nearly flat.
Bearish indicators suggest downward potential despite some buying pressure.
A daily close above 200-day EMA could spark a rebound to $23.00.

Christian Borjon Valencia FXStreet

Silver price advances sharply during the week, though as the Asian session begins, the XAG/USD is facing solid resistance at the 200-day Exponential Moving Average (EMA) at $22.94. That said, the Silver (XAG/USD) spot is trading at $22.77, almost flat, at the time of writing.

XAG/USD Price Analysis: Technical outlook

XAG/USD shifted bearish once it fell below the 200-day EMA and beneath the May 26 daily low of $22.68. Even though XAG/USD hovers above the latter, a daily close above it’s required to keep buyers hopeful of reclaiming higher prices, like the 200-day EMA, ahead of the $23.00 barrier.

Nevertheless, the XAG/USD’s path of least resistance is downward biased, as shown by the Relative Strength Index (RSI) indicator, at bearish territory. At the same time, the three-day Rate of Change (RoC) portrays some buying pressure lifted the XAG/USD.

That said, the XAG/USD first support would be $22.68. A breach of the latter will expose the XAG/USD last week’s low of $22.11 before dropping beneath the $22.00 mark. Conversely, if XAG/USD achieves a daily close above the 200-day EMA, the XAG/USD could challenge $23.00 as the first resistance. Break above will expose the 20-day EMA at $23.31, followed by the 100-day EMA at $23.45.

XAG/USD Price Action – Daily chart

XAG/USD

Overview
Today last price	22.78
Today Daily Change	0.34
Today Daily Change %	1.52
Today daily open	22.44

Trends
Daily SMA20	23.54
Daily SMA50	24.19
Daily SMA100	23.32
Daily SMA200	22.49

Levels
Previous Daily High	22.68
Previous Daily Low	22.11
Previous Weekly High	24.2
Previous Weekly Low	22.11
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	22.47
Daily Fibonacci 61.8%	22.33
Daily Pivot Point S1	22.14
Daily Pivot Point S2	21.84
Daily Pivot Point S3	21.57
Daily Pivot Point R1	22.71
Daily Pivot Point R2	22.98
Daily Pivot Point R3	23.28

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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