Silver Price Forecast: XAG/USD hung up on descending trendline near $22.60

Silver prices are seeing a minor pullback for Monday, after Friday's peak into $22.82 failed to spark an extended rally.
XAG/USD is seeing softening bids at the descending trendline from $25.00.
Spot Silver prices are tracking the US Dollar closely, traders will be looking for a pattern breakdown.

Joshua Gibson FXStreet

XAG/USD prices are softly back on Monday in a relief pullback from Friday's peak into $22.82. While bullish momentum saw a boost for spot Silver on the back of an escalation of the Israel-Hamas conflict last week, Silver's deep bear rout from August's peaks at the $25.00 handle are constraining metal bulls.

Silver has seen a firm rebound in October, climbing over 9% from a low of $20.68 at the beginning of the month, but things still remain bearish for the XAG/USD, and October's bottom bids still represent a seven-month low for Silver.

Silver bulls are going to need a solid firming-up of broader market sentiment before the XAG/USD can lift back into 2023's median prices.

XAG/USD Technical Outlook

Silver's Friday peak saw XAG/USD bids ping off a descending trendline drawn from August's peak at the $25.00 major handle, marking in a potential swing high at $22.82 if bearish action sees a continuation.

On the top side, the 50-day Simple Moving Average (SMA) is capping off near-term action from $22.90, and has confirmed a bearish crossover of the 200-day SMA, currently parked just north of $23.25.

XAG/USD Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	22.58
Today Daily Change	-0.14
Today Daily Change %	-0.62
Today daily open	22.72

Trends
Daily SMA20	22.31
Daily SMA50	22.92
Daily SMA100	23.32
Daily SMA200	23.34

Levels
Previous Daily High	22.82
Previous Daily Low	21.81
Previous Weekly High	22.82
Previous Weekly Low	21.57
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	22.43
Daily Fibonacci 61.8%	22.19
Daily Pivot Point S1	22.08
Daily Pivot Point S2	21.44
Daily Pivot Point S3	21.07
Daily Pivot Point R1	23.09
Daily Pivot Point R2	23.46
Daily Pivot Point R3	24.1

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.

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