Silver Price Analysis: XAG/USD tanks over 3%, breaks key support levels as bears eye $23.00

XAG/USD confirms a downtrend by breaking below 200, 100, and 50-day moving averages.
Downtrend signals potential testing of November 13 swing low at $21.88 unless buyers intervene to lift the spot price.
On the upside, buyers must reclaim $23.00 to challenge and surpass broken DMAs, potentially targeting $24.00.

Christian Borjon Valencia FXStreet

Silver price is collapsing more than 3% in the day, breaking key support levels on its way south, set to finish the week with losses of more than 9.50%. At the time of writing, XAG/USD is trading at $22.97 after hitting a daily high of $23.89.

XAG/USD’s daily chart confirms the grey metal’s downtrend after breaching the 200, 100, and 50-day moving averages (DMAs), each at $23,49, $23.24, and $23.06. That said unless buyers lift the spot price, that would set the stage for a test of the November 13 swing low of $21.88.

Firstly, XAG/USD sellers must drag prices below a support trendline that passes at around $22.69. Once cleared, the next stop would be $22.00, ahead of the November 13 daily low mentioned above.

Conversely, if Silver buyers reclaim the $23.00 figure, that could pave the way for reclaiming each DMA previously broken. Once those levels are cleared, up next would bet the $24.00 mark.

XAG/USD Price Analysis – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	22.99
Today Daily Change	-0.81
Today Daily Change %	-3.40
Today daily open	23.8

Trends
Daily SMA20	23.96
Daily SMA50	23.05
Daily SMA100	23.27
Daily SMA200	23.48

Levels
Previous Daily High	24.03
Previous Daily Low	23.58
Previous Weekly High	25.52
Previous Weekly Low	24.26
Previous Monthly High	25.27
Previous Monthly Low	21.88
Daily Fibonacci 38.2%	23.75
Daily Fibonacci 61.8%	23.86
Daily Pivot Point S1	23.58
Daily Pivot Point S2	23.36
Daily Pivot Point S3	23.14
Daily Pivot Point R1	24.03
Daily Pivot Point R2	24.25
Daily Pivot Point R3	24.47

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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