Silver Price Analysis: XAG/USD stays directed towards $21.42 key support

Silver prices remain pressured around intraday low, down for third consecutive day.
Multiple levels marked since September 2021 limited immediate downside ahead of $21.42.
Three-week-old descending trend line, bearish MACD signals challenge recovery moves.

Anil Panchal FXStreet

Silver (XAG/USD) prices stay on the back foot at around $22.25, printing a three-day downtrend during Monday’s Asian session.

In doing so, the bright metal fades the previous week’s bounce off the short-term crucial horizontal support stretched from September 2021, surrounding $22.10-22.00.

Given the bearish MACD signals and the commodity’s failure to rebound, the quote is likely to retest the aforementioned horizontal support near $22.00.

However, the quote’s further downside will be challenged double bottoms marked during late 2021 around $21.42.

On the contrary, recovery moves, if any, need to cross the downward sloping trend line from April 18, close to $22.90, to convince short-term buyers to challenge the previous week’s top near $23.30. Also acting as a short-term key hurdle is the 200-DMA level of $23.72.

Overall, silver prices remain directed towards the south but there prevails limited room for bears.

Silver: Daily chart

Trend: Further declines expected

Additional important levels

Overview
Today last price	22.24
Today Daily Change	-0.12
Today Daily Change %	-0.54%
Today daily open	22.36

Trends
Daily SMA20	24.06
Daily SMA50	24.69
Daily SMA100	23.93
Daily SMA200	23.74

Levels
Previous Daily High	22.64
Previous Daily Low	22.1
Previous Weekly High	23.28
Previous Weekly Low	22.1
Previous Monthly High	26.22
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	22.31
Daily Fibonacci 61.8%	22.44
Daily Pivot Point S1	22.09
Daily Pivot Point S2	21.83
Daily Pivot Point S3	21.55
Daily Pivot Point R1	22.64
Daily Pivot Point R2	22.91
Daily Pivot Point R3	23.18

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.

GBP/USD extends recovery, trades above 1.3200

GBP/USD holds on to modest gains above 1.3200 on Friday, building on gains seen in the previous day. Still, Cable struggles to build on its recovery as cautious market sentiment keeps investors focused on the US-Iran conflict and ongoing volatility in global technology stocks.

EUR/USD pops to daily highs near 1.1420

EUR/USD extends Thursday's recovery and climbs past the 1.1400 yardstick at the end of the week. The pair’s recovery comes as the US Dollar remains on the back foot, while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold advances to two-day highs, targets $4,100

Gold trades in a tight range above $4,000 per troy ounce on Friday, adding to the recent recovery. The precious metal, however, finds it difficult to attract fresh buyers as expectations for a hawkish Fed continue to strengthen.

Ripple price clings to $1 as long liquidations deepen bearish trend

Ripple (XRP) trades near the key psychological support level of $1 after losing more than 8% so far this week. CoinGlass liquidation data shows that over 97% XRP long positions were wiped out over the past 24 hours. In addition, derivatives metrics continue to favor the bears.

The Mag 7 trade is ending – The AI cash-flow divorce is just beginning

The AI boom is not weakening. The market is simply becoming less willing to reward companies for writing ever-larger infrastructure cheques without a clearer cash-return timetable. Microsoft, Amazon, Alphabet and Meta are becoming the financing arm of the AI cycle, while chips, memory, networking and power infrastructure increasingly look like the early cash beneficiaries.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.