Silver Price Analysis: XAG/USD risks a drop to $24 after Thursday’s close below 100-DMA

Silver looks south as sellers target 200-DMA support at $24.15.
Daily closing below 100-DMA calls for further declines.
Daily RSI has rebounded but remains within the bearish zone.

Dhwani Mehta FXStreet

Silver (XAG/USD) trades in a narrow range between $25.50-25.00 so far this Friday, as the bears gear up for a fresh leg lower.

The white metal extends its bearish momentum into the third straight day, in response to the relentless surge in the US dollar amid the recent surge in Treasury yields.

From a technical perspective, silver’s sell-off intensified after the price closed below the three-month-old rising trendline support at $26.26 on Wednesday.

Silver Price Chart: Daily

The metal remains on track for additional declines, especially after Thursday’s closing below the critical 100-daily moving average (DMA) at $25.43 offered that extra zest to the bears.

Silver kicked-off Friday just at the 100-DMA barrier, making it a crucial resistance should the bulls attempt any recovery.

Further up, the rising trendline support now resistance at $26.38 could be challenged.

The 14-day Relative Strength Index (RSI) has reversed from lows but remains well below the midline, suggesting that the downside bias remains intact.

Therefore, the gates remain open for a test of the upward-sloping 200-DMA at $24.15.

Silver Additional levels

XAG/USD

Overview
Today last price	25.26
Today Daily Change	-0.10
Today Daily Change %	-0.39
Today daily open	25.36

Trends
Daily SMA20	27.08
Daily SMA50	26.5
Daily SMA100	25.42
Daily SMA200	24.12

Levels
Previous Daily High	26.31
Previous Daily Low	25.06
Previous Weekly High	28.33
Previous Weekly Low	26.14
Previous Monthly High	30.07
Previous Monthly Low	25.9
Daily Fibonacci 38.2%	25.54
Daily Fibonacci 61.8%	25.83
Daily Pivot Point S1	24.85
Daily Pivot Point S2	24.33
Daily Pivot Point S3	23.6
Daily Pivot Point R1	26.1
Daily Pivot Point R2	26.83
Daily Pivot Point R3	27.34

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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