Silver Price Analysis: XAG/USD struggles at the 200-DMA and tumbles below $21.00

Silver price falls below the psychological $21.00 after failing to hurdle the 200-day EMA.
The break of an upslope trendline exacerbated a fall from daily highs around $21.60s.
XAG/USD Price Analysis: Break below $20.89 to pave the way to $20.00.

Christian Borjon Valencia FXStreet

Silver price tumbles below $21.00 late in the North American session amidst risk aversion and the recovery of the US Dollar (USD), as shown by the US Dollar Index (DXY) gaining 0.40% in the day. At the time of writing, the XAG/USD is trading at $20.95, below its opening price by almost 2%.

Silver Price Analysis (XAG/USD): Technical outlook

After XAG/USD failed to crack the 200-day Exponential Moving Average (EMA) at $21.34, the white metal is extending its losses below the $21.00 figure. It should be noted that Silver broke below a 20-day-old upslope trendline, exacerbating Silver’s drop. The Relative Strength Index (RSI), aiming towards the 50-midline, is accelerating, suggesting that sellers are gathering momentum.

Short term, the XAG/USD 4-hour chart portrays sellers’ strength. Notably, XAG/USD hit a daily high of around $21.61 before tumbling and reclaiming the 50 and 100-EMAs. Therefore, the XAG/USD path of least resistance is tilted to the downside. That said, the XAG/USD first support would be November 23, swing low at $20.89. Once cleared, the next support would be the November 21 pivot low at $20.56, followed by the 200-Exponential Moving Average (EMA) at $20.15.

As an alternate scenario, XAG/USD first resistance would be the confluence of the S1 pivot and the 40-EMA at $21.16, followed by the daily pivot point at $21.36, ahead of the R1 pivot at $21.55.

Silver Key Technical Levels

XAG/USD

Overview
Today last price	20.94
Today Daily Change	-0.52
Today Daily Change %	-2.42
Today daily open	21.46

Trends
Daily SMA20	20.91
Daily SMA50	19.96
Daily SMA100	19.6
Daily SMA200	21.37

Levels
Previous Daily High	21.56
Previous Daily Low	21.16
Previous Weekly High	21.68
Previous Weekly Low	20.58
Previous Monthly High	21.24
Previous Monthly Low	18.09
Daily Fibonacci 38.2%	21.31
Daily Fibonacci 61.8%	21.4
Daily Pivot Point S1	21.23
Daily Pivot Point S2	21
Daily Pivot Point S3	20.83
Daily Pivot Point R1	21.62
Daily Pivot Point R2	21.79
Daily Pivot Point R3	22.02

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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