Silver Price Analysis: XAG/USD snaps three-day uptrend above $23.00

Silver price renews intraday low during the first loss-making day in four.
Rising wedge, nearly overbought RSI adds strength to bearish bias.
Convergence of previous resistance line, 21-DMA appears a tough nut to crack for XAG/USD bears.

Anil Panchal FXStreet

Silver price (XAG/USD) remains on the back foot as it refreshes intraday low near $23.30 during early Monday. In doing so, the bright metal defies the three-day winning streak by reversing from the highest levels since late April.

It’s worth noting that the overbought conditions of the RSI (14) and the quote’s failure to stay beyond the 61.8% Fibonacci retracement level of March-September downside, near $23.40, teases XAG/USD sellers. Also keeping the bears hopeful is the one-month-old rising wedge chart pattern.

That said, a clear downside break of $22.70 becomes necessary to confirm the bearish chart pattern, which in turn highlights the theoretical target of $19.10.

However, a convergence of the 21-DMA and the previous resistance line from March, around $21.90 by the press time, appears crucial support for the Silver bears to break before taking control. Also challenging the XAG/USD downside is the $20.00 threshold.

On the flip side, a daily closing beyond the 61.8% Fibonacci retracement level near $23.40 could lure short-term buyers of XAG/USD.

Following that, the upper line of the stated wedge, near the $24.00 round figure, could act as the last defense of the Silver bears before giving control to the commodity buyers.

Silver price: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	23.29
Today Daily Change	-0.13
Today Daily Change %	-0.56%
Today daily open	23.42

Trends
Daily SMA20	21.86
Daily SMA50	20.62
Daily SMA100	19.96
Daily SMA200	21.26

Levels
Previous Daily High	23.69
Previous Daily Low	22.96
Previous Weekly High	23.69
Previous Weekly Low	22.03
Previous Monthly High	22.25
Previous Monthly Low	18.84
Daily Fibonacci 38.2%	23.41
Daily Fibonacci 61.8%	23.24
Daily Pivot Point S1	23.02
Daily Pivot Point S2	22.63
Daily Pivot Point S3	22.3
Daily Pivot Point R1	23.75
Daily Pivot Point R2	24.08
Daily Pivot Point R3	24.48

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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