Silver Price Analysis: XAG/USD refreshes YTD lows below $20.60

Silver price prolongs its losses to four consecutive days after slumping below the 200-DMA.
Silver Price Analysis: A bearish continuation is likely, even though RSI is oversold; caution is warranted.

Christian Borjon Valencia FXStreet

Silver price dropped to a fresh YTD low of $20.58 a troy ounce but has trimmed some of its losses. Even though the US Dollar (USD) remains soft and the US bond yields are down, the white metal is losing 0.14%. At the time of writing, the XAG/USD exchanges hands at $20.72.

From a daily chart perspective, the XAG/USD is downward biased. Furthermore, the 20-day Exponential Moving Average (EMA) is about to cross below the 200-day EMA, triggering a death cross and exacerbating a fall toward the next demand area, the November 3 daily low of $18.84. A breach of the latter would open the door for further downside, exposing crucial support zones. The critical support areas exposed would be October’s 14 low of $18.09, followed by September’s 28 at 17.97, ahead of last year’s low at $17.56.

Even though the path of least resistance is downwards, the Relative Strength Index (RSI) at oversold conditions could trigger consolidation before the bearish continuation.

As an alternate scenario, the XAG/USD first resistance would be the psychological $21.00 figure. Once reclaimed, bulls could drive prices towards the February 24 high at $21.39, followed by February 23 daily high at 21.67. Next, the 20/200-day EMAs intersection would be tested, around $21.90s.

XAG/USD Daily chart

XAG/USD Key technical levels

XAG/USD

Overview
Today last price	20.67
Today Daily Change	-0.09
Today Daily Change %	-0.43
Today daily open	20.76

Trends
Daily SMA20	22.2
Daily SMA50	23.14
Daily SMA100	22.02
Daily SMA200	21.01

Levels
Previous Daily High	21.4
Previous Daily Low	20.74
Previous Weekly High	21.98
Previous Weekly Low	20.74
Previous Monthly High	24.55
Previous Monthly Low	22.76
Daily Fibonacci 38.2%	20.99
Daily Fibonacci 61.8%	21.15
Daily Pivot Point S1	20.53
Daily Pivot Point S2	20.31
Daily Pivot Point S3	19.87
Daily Pivot Point R1	21.2
Daily Pivot Point R2	21.63
Daily Pivot Point R3	21.86

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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