• 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.

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

 

 

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