Silver Price Analysis: XAG/USD slumps to two-day lows around $22.10s

Silver price stumbles beneath $22.14 amidst overall USD strength.
Silver Price Analysis: Break below $22.00 would exacerbate a test of a symmetrical triangle break around $21.80.

Christian Borjon Valencia FXStreet

Silver price dropped from daily highs hit at 22.59, testing the current week's lows of 22.14, due to speculations that the Federal Reserve (Fed) would continue to tighten monetary conditions, even though recessionary risks are skewed to the upside. Therefore, the US Dolla (USD) got bolstered by safe-haven flows, to the detriment of precious metals. At the time of writing, the XAG/USD is trading at 22.19.

Silver Price Analysis: XAG/USD Technical Outlook

Since tumbling more than 3.80% on Monday, the XAGU/USD remains downward pressured, registering fresh two-day lows beneath $22.17, which would exacerbate a fall towards the top trendline of a symmetrical triangle broken last Thursday. Of note, the Relative Strength Index (RSI) and the Rate of Change (RoC), depict the white metal buying pressure fading, and unless buyers step in around $22.00, further downward action is warranted.

Therefore, the XAG/USD first support would be the $22.00 figure. Break below will expose the 20-day Exponential Moving Average (EMA) at 22.21.53, followed by the trend-setter 200*day EMA at $21.03. On the flip side, the XAG/USD first resistance would be the $23.00 psychological level. A breach of the latter will expose the December 5 swing high at $23.51, followed by the $24.00 mark.

Silver Key Technical Levels

XAG/USD

Overview
Today last price	22.2
Today Daily Change	-0.01
Today Daily Change %	-0.05
Today daily open	22.21

Trends
Daily SMA20	21.58
Daily SMA50	20.3
Daily SMA100	19.8
Daily SMA200	21.31

Levels
Previous Daily High	23.52
Previous Daily Low	22.17
Previous Weekly High	23.24
Previous Weekly Low	20.87
Previous Monthly High	22.25
Previous Monthly Low	18.84
Daily Fibonacci 38.2%	22.68
Daily Fibonacci 61.8%	23
Daily Pivot Point S1	21.75
Daily Pivot Point S2	21.28
Daily Pivot Point S3	20.39
Daily Pivot Point R1	23.1
Daily Pivot Point R2	23.98
Daily Pivot Point R3	24.45

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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