- 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 Technical levels
|Today last price||22.3|
|Today Daily Change||-0.25|
|Today Daily Change %||-1.11|
|Today daily open||22.55|
|Previous Daily High||22.72|
|Previous Daily Low||22.22|
|Previous Weekly High||22.61|
|Previous Weekly Low||20.54|
|Previous Monthly High||24.64|
|Previous Monthly Low||20.42|
|Daily Fibonacci 38.2%||22.41|
|Daily Fibonacci 61.8%||22.53|
|Daily Pivot Point S1||22.28|
|Daily Pivot Point S2||22|
|Daily Pivot Point S3||21.78|
|Daily Pivot Point R1||22.77|
|Daily Pivot Point R2||22.99|
|Daily Pivot Point R3||23.27|
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