TRENDING:

US NFP

GBP/USD

Silver Price Analysis: XAG/USD tumbles over 5% as Silver whipsaws for Friday

XAG/USD fell $1.28 during the US trading session, backsliding into $22.30.
Bulls failed to establish a floor in XAG/USD prices and Silver slumped to a new weekly low.
Broad-market reversal in risk appetite sending Silver into the floorboards.

Joshua Gibson FXStreet

Silver prices have tumbled from a late-week peak for Friday's trading, skidding into $22.30 after falling over 5.5% over the course of the US trading session.

The XAG/USD is back into familiar lows that Silver has cycled into for most of the year, driven by a resurgence in US Dollar (USD) bidding as global markets routinely pivot on fears of an impending economic slowdown that could roll over into a full-blown 'hard landing' if left unchecked.

Silver prices have consistently waffled on the top end ever since slipping from 2023's early peak above $26.00, a high set back in May.

Friday's sharp reversal only serves to highlight the XAG/USD's large exposure to broader market sentiment, tracking closely with US Dollar flows.

XAG/USD technical outlook

Silver is trading back into a familiar bottom just above the $22.00 major psychological level. A descending pattern of lower highs in XAG/USD is capping off long-term bullish potential, and a descending trendline is marked in from May's peak just north of $26.00.

Despite Friday's bomb-drop into the floor, the XAG/USD could potentially be set for another bullish turn around the cyclical pattern if Silver bidders can amass enough to arrest the current slide.

On the down side, if risk-off price pressure maintain through the weekend and into next week, Silver could see itself dropping further below $23.00 and set up a bearish push into $22.00 and beyond into six-month lows.

XAG/USD daily chart

XAG/USD technical levels

XAG/USD

Overview
Today last price	22.32
Today Daily Change	-0.30
Today Daily Change %	-1.33
Today daily open	22.62

Trends
Daily SMA20	23.17
Daily SMA50	23.49
Daily SMA100	23.53
Daily SMA200	23.46

Levels
Previous Daily High	22.74
Previous Daily Low	22.4
Previous Weekly High	23.78
Previous Weekly Low	22.81
Previous Monthly High	25.02
Previous Monthly Low	22.23
Daily Fibonacci 38.2%	22.61
Daily Fibonacci 61.8%	22.53
Daily Pivot Point S1	22.43
Daily Pivot Point S2	22.25
Daily Pivot Point S3	22.1
Daily Pivot Point R1	22.77
Daily Pivot Point R2	22.92
Daily Pivot Point R3	23.11

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD softens below 1.1750 amid ECB rate hold expectations

The EUR/USD pair declines to around 1.1730 during the early European session on Wednesday, pressured by renewed US Dollar demand. Nonetheless, the potential downside for the major pair might be limited amid the growing acceptance that the European Central Bank is done cutting interest rates.

When is the UK CPI inflation data and how could it affect GBP/USD?

The United Kingdom Office for National Statistics will publish the highly relevant Consumer Price Index (CPI) data for November on Wednesday at 07:00 GMT. GBP/USD is likely to stay subdued if UK CPI meets expectations. However, any upside surprise could cap losses by tempering dovish sentiment ahead of the Bank of England’s policy decision on Thursday.

Gold: Bulls await breakout through multi-day-old range amid Fed rate cut bets

Gold attracts fresh buyers during the Asian session on Wednesday, though it remains confined in a multi-day-old trading range amid mixed fundamental cues. The global risk sentiment remains on the defensive amid economic woes and fears of the AI bubble burst. Moreover, dovish US Federal Reserve expectations lend support to the non-yielding yellow metal, though a modest US Dollar uptick might cap any further appreciating move.

Bitcoin, Ethereum and Ripple extend correction as bearish momentum builds

Bitcoin, Ethereum, and Ripple remain under pressure as the broader market continues its corrective phase into midweek. The weak price action of these top three cryptocurrencies by market capitalization suggests a deeper correction, as momentum indicators are beginning to tilt bearish.

Ukraine-Russia in the spotlight once again

Since the start of the week, gold’s price has moved lower, but has yet to erase the gains made last week. In today’s report we intend to focus on the newest round of peace talks between Russia and Ukraine, whilst noting the release of the US Employment data later on day and end our report with an update in regards to the tensions brewing in Venezuela.

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.