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.

Dhwani Mehta FXStreet

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

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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