Silver Price Analysis: XAGUSD bears approach previous resistance line near $21.20

Silver price remains pressured around intraday low, prints three-day downtrend.
200-DMA break, easing bullish bias of MACD keeps sellers hopeful.
XAGUSD bulls have a bumpy road ahead unless crossing June’s peak.

Anil Panchal FXStreet

Silver price (XAGUSD) takes offers to refresh intraday low near $21.35 during the three-day downtrend amid early Thursday.

In doing so, the bright metal justifies the previous day’s downside break of the 200-DMA, as well as the receding bullish bias of the Moving Average Convergence and Divergence (MACD) indicator.

With this, the XAGUSD bears are all set to retest the resistance-turned-support line stretched from early August, around $21.20. Also increasing the importance of the stated support is the previous monthly high.

Should the commodity prices remain bearish past $21.20, the $21.00 round figure and August month’s high near $21.85 will be on the silver bear’s radar.

It should be noted that the 61.8% Fibonacci retracement level of the metal’s downside between June and September, around $20.60, could act as the last defense of the XAGUSD bears before directing them to the $20.00 key support comprising 50% Fibonacci retracement level.

Meanwhile, recovery moves remain elusive unless the quote stays below the 200-DMA level of $21.45.

Even so, the $22.00 threshold and the monthly high near $22.25 could challenge the silver buyers before highlighting June’s monthly top surrounding $22.50.

Silver price: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	21.38
Today Daily Change	-0.06
Today Daily Change %	-0.28%
Today daily open	21.44

Trends
Daily SMA20	20.25
Daily SMA50	19.69
Daily SMA100	19.49
Daily SMA200	21.45

Levels
Previous Daily High	22.05
Previous Daily Low	21.4
Previous Weekly High	22.06
Previous Weekly Low	20.39
Previous Monthly High	21.24
Previous Monthly Low	18.09
Daily Fibonacci 38.2%	21.65
Daily Fibonacci 61.8%	21.8
Daily Pivot Point S1	21.21
Daily Pivot Point S2	20.98
Daily Pivot Point S3	20.55
Daily Pivot Point R1	21.86
Daily Pivot Point R2	22.28
Daily Pivot Point R3	22.52

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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