Silver Price Analysis: XAG/USD teasing rising channel breakdown on 1D, focus on Wednesday’s close


  • Silver remains vulnerable with daily RSI still stays bearish.
  • XAG/USD teasing a rising channel breakdown on the daily chart.
  • 200-DMA is in sight for the XAG bears but Wednesday’s close is critical.

Silver (XAG/USD) extended its bearish momentum into the second straight day on Tuesday, now holding the lower ground above the $23 level.

The bears are gearing up for another leg lower, especially after the bulls managed to defend the rising trendline support, then at $23.23, avoiding a rising channel breakdown on the daily chart.

Therefore, Wednesday’s close below $23.29 is critical to confirming a bearish breakdown, which could open floors towards September lows of $21.65.

Acceptance below that level could expose the 200-daily moving average (DMA) support at $20.47.

The 14-day Relative Strength Index (RSI) is on a recovery mode although turns flat at 39.45, indicating that a minor bounce could be in the offing before the sell-off resumes.

Alternatively, the bulls could attempt a bounce towards the powerful barrier around $24.20, the confluence of the 21 and 50-DMAs.

Further north, the bullish 100-DMA at $24.67 could challenge the bulls’ commitment.

XAG/USD: Daily chart

XAG/USD

Overview
Today last price 23.26
Today Daily Change -0.33
Today Daily Change % -1.40
Today daily open 23.58
 
Trends
Daily SMA20 24.23
Daily SMA50 24.38
Daily SMA100 24.58
Daily SMA200 20.44
 
Levels
Previous Daily High 24.4
Previous Daily Low 23.42
Previous Weekly High 25.08
Previous Weekly Low 23.64
Previous Monthly High 25.56
Previous Monthly Low 22.59
Daily Fibonacci 38.2% 23.8
Daily Fibonacci 61.8% 24.03
Daily Pivot Point S1 23.2
Daily Pivot Point S2 22.83
Daily Pivot Point S3 22.23
Daily Pivot Point R1 24.18
Daily Pivot Point R2 24.78
Daily Pivot Point R3 25.15

 

XAG/USD: Additional levels

XAG/USD

Overview
Today last price 23.26
Today Daily Change -0.29
Today Daily Change % -1.23
Today daily open 23.58
 
Trends
Daily SMA20 24.23
Daily SMA50 24.38
Daily SMA100 24.58
Daily SMA200 20.44
 
Levels
Previous Daily High 24.4
Previous Daily Low 23.42
Previous Weekly High 25.08
Previous Weekly Low 23.64
Previous Monthly High 25.56
Previous Monthly Low 22.59
Daily Fibonacci 38.2% 23.8
Daily Fibonacci 61.8% 24.03
Daily Pivot Point S1 23.2
Daily Pivot Point S2 22.83
Daily Pivot Point S3 22.23
Daily Pivot Point R1 24.18
Daily Pivot Point R2 24.78
Daily Pivot Point R3 25.15

 


 

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