Silver Price Analysis: XAG/USD seems vulnerable to slide further, break below mid-$22.00s awaited

Silver remains under some selling for the second straight day and drops closer to the weekly trough.
The technical setup favours bearish traders and supports prospects for additional near-term losses.
A sustained strength beyond the $23.60-$23.70 supply zone is needed to negate the negative bias.

Haresh Menghani FXStreet

Silver (XAG/USD) drifts lower for the second successive day on Friday – also marking the third day of a negative move in the previous four – and drops to the lower end of its weekly range during the early part of the European session. The white metal currently trades around the $22.65-$22.60 region, down over 0.50% for the day, and seems vulnerable to weaken further.

The recent repeated failures to find acceptance above the 200-day Simple Moving Average (SMA) and rejections near the $23.60-$23.70 supply zone constitute the formation of a multiple tops pattern. Furthermore, technical indicators on the daily chart have again started gaining negative traction and validate the near-term bearish outlook for the XAG/USD. That said, it will still be prudent to wait for some follow-through selling below the $22.50 support zone before positioning for further losses.

The XAG/USD might then accelerate the fall to the $22.00 mark before dropping to the $21.70 horizontal support zone en route to the $21.35-$21.30 region. The downward trajectory could get extended further and drag the white metal below the $21.00 mark, towards the $20.70-$20.65 area, or a seven-month low touched in October.

On the flip side, the $23.00 round figure now seems to cap the immediate upside ahead of the $23.10-$23.15 horizontal barrier. This is closely followed by the 200-day SMA, currently around the $23.25 region, above which the XAG/USD could challenge the $23.60-$23.70 supply zone. The latter should act as a key pivotal point, which if cleared decisively will negate the negative outlook and shift the near-term bias in favour of bullish traders, paving the way for a move towards the $24.00 mark.

Some follow-through buying has the potential to lift the XAG/USD beyond the $24.20-$24.25 intermediate resistance and allow bulls to make a fresh attempt to conquer the $25.00 psychological mark.

Silver daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	22.63
Today Daily Change	-0.14
Today Daily Change %	-0.61
Today daily open	22.77

Trends
Daily SMA20	22.66
Daily SMA50	22.9
Daily SMA100	23.21
Daily SMA200	23.28

Levels
Previous Daily High	23.12
Previous Daily Low	22.66
Previous Weekly High	23.36
Previous Weekly Low	22.44
Previous Monthly High	23.7
Previous Monthly Low	20.68
Daily Fibonacci 38.2%	22.84
Daily Fibonacci 61.8%	22.95
Daily Pivot Point S1	22.57
Daily Pivot Point S2	22.38
Daily Pivot Point S3	22.1
Daily Pivot Point R1	23.04
Daily Pivot Point R2	23.32
Daily Pivot Point R3	23.51

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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