Silver Price Analysis: XAG/USD retraces amidst sour market mood, strong US Dollar

Silver prices drop as XAG/USD trades at around $22.85, down 0.33%.
XAG/USD remains downward biased after sliding below 200 and 50-day moving averages (DMAs).
A breach of the 20-day Exponential Moving Average (DMA) at $22.20 could expose $22.00 and $20.77 levels.

Christian Borjon Valencia FXStreet

Silver prices (XAG/USD) dropped in the mid-North American session on Wednesday as market sentiment turned negative, which usually underpins the grey metal. Nevertheless, an uptick in US Treasury bond yields and a strong US Dollar (USD), capped the XAG/USD advance towards the $24.00 figure. At the time of writing, Silver exchanges hands at $22.85, down 0.33%.

After sliding below the 200 and 50-day moving averages (DMAs), the XAG/USD remains downward biased, though shy of testing the 20-day Exponential Moving Average (DMA) at $22.20. A breach of the latter would expose $22.00, followed by the bottom of the Bollinger-Band at $20.77, but firstly, sellers must reclaim $21.00.

On the flip side, if XAG/USD reclaims the 50-DMA at $22.94, Silver could challenge the $23.00 figure, followed by the 200-DMA at $23.29, ahead of the top of the Bollinger-Bands at $23.69.

XAG/USD Price Action – Daily chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	22.86
Today Daily Change	-0.06
Today Daily Change %	-0.26
Today daily open	22.92

Trends
Daily SMA20	22.2
Daily SMA50	22.95
Daily SMA100	23.28
Daily SMA200	23.31

Levels
Previous Daily High	23.21
Previous Daily Low	22.66
Previous Weekly High	23.7
Previous Weekly Low	22.37
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	22.87
Daily Fibonacci 61.8%	23
Daily Pivot Point S1	22.65
Daily Pivot Point S2	22.38
Daily Pivot Point S3	22.1
Daily Pivot Point R1	23.2
Daily Pivot Point R2	23.48
Daily Pivot Point R3	23.75

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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