Silver Price Analysis: XAG/USD sellers eye 100-DMA retest

Silver prices stay pressured after two-day declines, 12-day-old support line in focus.
RSI pullback from overbought territory joins failures to cross 200-DMA to favor sellers.
100-DMA defends corrective pullback from December’s low, November’s high adds to the upside filters.

Anil Panchal FXStreet

Silver (XAG/USD) fades bounce off weekly low under $24.00 during Tuesday’s Asian session.

The bright metal’s failures to keep the late Monday’s recovery could be linked to the failures to cross the 200-DMA and RSI pullback from the overbought region, which in turn signals extension of the latest weakness.

That said, an upward sloping trend line from January 07, near $23.45 by the press time, challenges the metal’s short-term declines ahead of the key 100-DMA support level surrounding $23.25.

Should XAG/USD remains bearish past $23.25, the monthly low near $21.95 and the previous month’s low around $21.40 will be in focus.

On the flip side, a downward sloping trend line from May, at $24.15 by the press time, restricts the metal’s immediate recoveries ahead of the 200-DMA level of $24.60.

If the XAG/USD prices rise past $24.60, November’s high of $25.40 and 61.8% Fibonacci retracement of May-December 2021 downside near $25.95, should lure the bulls.

Silver: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	23.93
Today Daily Change	-0.30
Today Daily Change %	-1.24%
Today daily open	24.23

Trends
Daily SMA20	23.11
Daily SMA50	23.07
Daily SMA100	23.26
Daily SMA200	24.62

Levels
Previous Daily High	24.58
Previous Daily Low	24.17
Previous Weekly High	24.7
Previous Weekly Low	22.81
Previous Monthly High	23.44
Previous Monthly Low	21.42
Daily Fibonacci 38.2%	24.33
Daily Fibonacci 61.8%	24.42
Daily Pivot Point S1	24.07
Daily Pivot Point S2	23.92
Daily Pivot Point S3	23.67
Daily Pivot Point R1	24.48
Daily Pivot Point R2	24.73
Daily Pivot Point R3	24.89

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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