Silver Price Analysis: XAG/USD seems vulnerable near one-week low, around mid-$22.00s

Silver continues losing ground for the third straight day and drops to over a one-week low.
The technical setup favours bears and supports prospects for a further depreciating move.
A sustained strength beyond the 200-day SMA is needed to negate the negative outlook.

Haresh Menghani FXStreet

Silver (XAG/USD) drifts lower for the third successive day on Friday – also marking the fourth day of a negative move in the previous five – and drops to over a one-week low during the first half of the European session. The white metal currently trades around the $22.65-$22.60 region and seems vulnerable to prolong this week's pullback from over a one-month top.

The recent failure to find acceptance above a technically significant 200-day Simple Moving Average (SMA) and the subsequent downfall validates the near-term negative outlook for the XAG/USD. Furthermore, oscillators on the daily chart have just started gaining negative traction and suggest that the path of least resistance for the white metal is to the downside.

From current levels, weakness below the mid-$22.00s has the potential to drag the XAG/USD to the $22.30 horizontal support. Some follow-through selling might expose the two-month low, around the $21.90-$21.85 zone touched in January. Acceptance below the latter will be seen as a fresh trigger for bearish traders and make the XAG/USD vulnerable to test the $21.40-$21.35 area.

On the flip side, the daily swing high, around the $22.85 region, now seems to act as an immediate hurdle ahead of the $23.00 round-figure mark. A sustained strength beyond the latter could lift the XAG/USD to the 200-day SMA, currently near the $23.30 zone. This is followed by the monthly peak, around mid-$23.00s, which if cleared will negate the negative outlook.

The XAG/USD might then aim to reclaim the $24.00 round figure. The momentum could extend further and allow the white metal to climb towards the next relevant hurdle near the $24.50-$24.60 region en route to the $25.00 psychological mark.

Silver daily chart

XAG/USD

Overview
Today last price	22.59
Today Daily Change	-0.16
Today Daily Change %	-0.70
Today daily open	22.75

Trends
Daily SMA20	22.76
Daily SMA50	23.11
Daily SMA100	23.19
Daily SMA200	23.29

Levels
Previous Daily High	23.16
Previous Daily Low	22.74
Previous Weekly High	23.5
Previous Weekly Low	21.93
Previous Monthly High	24.09
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	22.9
Daily Fibonacci 61.8%	23
Daily Pivot Point S1	22.61
Daily Pivot Point S2	22.46
Daily Pivot Point S3	22.19
Daily Pivot Point R1	23.03
Daily Pivot Point R2	23.31
Daily Pivot Point R3	23.45

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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