Silver Price Analysis: XAG/USD struggles to reclaim ground, and turns bearish below the 200-DMA

Silver price sees a minor gain of 0.50% but fails to reclaim the May 26 daily low, resulting in a bearish outlook.
The technical analysis shows support at the March 21 daily low of $22.14; breaking this could see a drop below the $22.00 figure.
Potential resistance lies at the May 26 low-turned resistance at $22.68, with the 200-day EMA at $22.94 and $23.00 as the next challenges.

Christian Borjon Valencia FXStreet

Silver price remains firm in the session but could not reclaim the May 26 daily low; previous support turned resistance and also below the 200-day Exponential Moving Average (EMA). Therefore, the XAG/USD turned bearish from a technical perspective. The XAG/USD is trading at $22.32, a gain of 0.50%.

Must read: Gold Price Forecast: XAU/USD rebounds amid recession fears, slowing global economic growth

XAG/USD Price Analysis: Technical outlook

Silver is downward biased but must break support at the March 21 daily low of $22.14 on its way toward dropping below the $22.00 figure. Even though the XAG/USD fell to a new three-month high, cheered by sellers, the XAG/USD could remain trading sideways, within the $22.10/$22.69 area without a catalyst.

If XAG/USD slumps below $22.00, the next support will lie at the March 16 low of $21.46 before exposing the $21.00 figure and the November 28 daily low at $20.87. On the flip side, the XAG/USD stays above $22.00. The next resistance would be the May 26 low-turned resistance at $22.68, followed by the 200-day EMA at $22.94 ahead of challenging $23.00.

From an oscillator point of view, the Relative Strength Index (RSI) shows signs of bearishness, while the three-day Rate of Change (RoC) portrays sellers losing some momentum but remaining in charge.

XAG/USD Price Action – Daily chart

XAG/USD

Overview
Today last price	22.39
Today Daily Change	0.14
Today Daily Change %	0.63
Today daily open	22.25

Trends
Daily SMA20	23.58
Daily SMA50	24.25
Daily SMA100	23.33
Daily SMA200	22.47

Levels
Previous Daily High	22.74
Previous Daily Low	22.18
Previous Weekly High	24.4
Previous Weekly Low	23.22
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	22.39
Daily Fibonacci 61.8%	22.52
Daily Pivot Point S1	22.04
Daily Pivot Point S2	21.83
Daily Pivot Point S3	21.49
Daily Pivot Point R1	22.6
Daily Pivot Point R2	22.94
Daily Pivot Point R3	23.15

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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