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Silver Price Analysis: XAG/USD retraces toward $22.20s on upbeat mood, dragonfly doji surfaces

  • XAG/USD drops on risk-on mood and technical factors as a dragonfly doji emerges.
  • If the XAG/USD drops below $22.00, sellers would face support barricades in the $21.80-90 area.
  • XAG/USD Price Analysis: To consolidate around familiar levels ahead of the FOMC’s decision.

Silver price reversed its bullish course, dropping around 1.20% late in the mid-North American session. After hitting a seven-week high of $22.71 on Monday, the XAG/USD has retraced some of those gains, trading nearby March’s 20 daily low of $22.22. At the time of writing, the XAG/USD is trading at $22.29, down 0.27 percent.

XAG/USD Price action

The week began with the white metal printing a new multi-week high before reversing and closing above $22.50. On its way north, the XAG/USD reclaimed the 200-day EMA, shifting the white metal bias to neutral upwards. Nevertheless, a dragonfly doji emerged at the daily, exacerbating Silver’s fall toward the $22.20 area.

If XAG/USD tumbles below $22.00, that would pave the way for a dip to the 50-day EMA at $21.91, immediately followed by the 100-day EMA At $21.89. Once cleared, the 200-day EMA at $21.81 would be next, ahead of falling to the 20-day EMA at $21.60.

Conversely, the XAG/USD first resistance would be the March 17 daily high at $22.59, followed by the March 20 high at $22.71. Upside risks remain above $23.00.

XAG/USD Daily chart

XAG/USD Daily chart

XAG/USD Technical levels

XAG/USD

Overview
Today last price22.3
Today Daily Change-0.25
Today Daily Change %-1.11
Today daily open22.55
 
Trends
Daily SMA2021.2
Daily SMA5022.31
Daily SMA10022.36
Daily SMA20020.95
 
Levels
Previous Daily High22.72
Previous Daily Low22.22
Previous Weekly High22.61
Previous Weekly Low20.54
Previous Monthly High24.64
Previous Monthly Low20.42
Daily Fibonacci 38.2%22.41
Daily Fibonacci 61.8%22.53
Daily Pivot Point S122.28
Daily Pivot Point S222
Daily Pivot Point S321.78
Daily Pivot Point R122.77
Daily Pivot Point R222.99
Daily Pivot Point R323.27

Author

Christian Borjon Valencia

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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