Silver Price Analysis: XAG/USD stays depressed around $21.00, looks set to retest yearly low

Silver prices remain pressured at one-month low after the biggest daily fall since early May.
Impending bear cross on MACD, clear downside break of horizontal support from late 2021 favor sellers.
10-DMA, five-week-old descending trend line adds to the upside filters.

Anil Panchal FXStreet

Silver (XAG/USD) fails to overcome the bearish bias, even as the sellers take a breather around monthly low following the biggest daily slump in five weeks. That said, the bright metal stays defensive at around $21.00 during Tuesday’s Asian session.

A clear downside break of the seven-month-old horizontal support, now resistance around $21.40, favors the XAG/USD bears. Also keeping sellers hopeful is the MACD line that teases a cross of the signal line from above, suggesting a downside momentum.

Hence, the silver bears are on their way to retesting the yearly low surrounding $20.45, a break of which will highlight the $20.00 threshold.

In a case where XAG/USD drops below $20.00, the late 2019 peak of $19.65 could gain the market’s attention.

Alternatively, recovery moves need to stay beyond the support-turned-resistance around $21.40 to recall intraday buyers of silver.

Following that, the 10-DMA and a downward sloping trend line from May 05, respectively near $21.85 and $22.30, should lure the XAG/USD buyers.

Silver: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	21.06
Today Daily Change	-0.86
Today Daily Change %	-3.92%
Today daily open	21.92

Trends
Daily SMA20	21.9
Daily SMA50	22.96
Daily SMA100	23.64
Daily SMA200	23.45

Levels
Previous Daily High	21.99
Previous Daily Low	21.28
Previous Weekly High	22.52
Previous Weekly Low	21.28
Previous Monthly High	23.28
Previous Monthly Low	20.46
Daily Fibonacci 38.2%	21.72
Daily Fibonacci 61.8%	21.55
Daily Pivot Point S1	21.47
Daily Pivot Point S2	21.02
Daily Pivot Point S3	20.75
Daily Pivot Point R1	22.18
Daily Pivot Point R2	22.44
Daily Pivot Point R3	22.89

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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