Silver Price Analysis: XAG/USD sits at critical support juncture around $23.00


  • Silver bears take a breather after the heaviest daily fall in three months.
  • Key support lines from early 2021 and late 2020 challenges further downside.
  • 50-DMA guards recovery moves, yearly support eyed during further weakness.

Silver (XAG/USD) licks its wounds around $22.90 during Friday’s Asian session, after declining the most on a day since mid-June the previous day.

Although bearish MACD and sustained trading below 50-DMA, coupled with an absence of oversold RSI, keeps silver sellers hopeful, an ascending trend line from September 2020 and a downward sloping support line from January 2021 challenge the quote’s immediate fall.

Should the commodity prices manage to stay pressured below $22.90 and $22.65 supports, the yearly low near $22.15 should return to the chart.

Following that, lows marked during November and September 2020, respectively around $21.90 and $21.65, will be in focus.

Meanwhile, corrective pullback needs to cross the early week low surrounding $23.40 to consolidate the recent losses.

Even so, silver bulls remain worried unless witnessing a clear upside break of 50-DMA level of $24.40. During the recovery moves, $24.00 may act as a buffer.

Silver: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 22.9
Today Daily Change -0.94
Today Daily Change % -3.94%
Today daily open 23.84
 
Trends
Daily SMA20 23.9
Daily SMA50 24.53
Daily SMA100 25.8
Daily SMA200 25.88
 
Levels
Previous Daily High 23.91
Previous Daily Low 23.67
Previous Weekly High 24.82
Previous Weekly Low 23.73
Previous Monthly High 26
Previous Monthly Low 22.17
Daily Fibonacci 38.2% 23.76
Daily Fibonacci 61.8% 23.82
Daily Pivot Point S1 23.7
Daily Pivot Point S2 23.56
Daily Pivot Point S3 23.45
Daily Pivot Point R1 23.95
Daily Pivot Point R2 24.05
Daily Pivot Point R3 24.2

 

 

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