Silver Price Analysis: XAGUSD struggles around the 200-DMA and tumbles toward the $21.10s area
|- Silver struggles to break the 200-day EMA at $21.48 after hitting a daily high of $21.61.
- Silver Price Analysis: A doji in the daily chart suggests Silver is consolidating.
Silver price remains unable to clear the 200-day Exponential Moving Average (EMA) at $21.48 decisively, retreats after hitting a daily high of $21.61, trading below its opening price by 0.15%. At the time of writing, the XAGUSD is trading at $21.19 a troy ounce.
Silver (XAGUSD) Price Analysis: Technical outlook
The Silver rally stalled at around the 200-day EMA at $21.48, in the last couple of days, with Wednesday’s price action set to form a doji, meaning that buyers could be refraining from testing higher prices, with the US Consumer Price Index (CPI) report for October, right around the corner. It should be noted that if XAGUSD tumbles below $21.00, a fall toward this week’s low at $20.38 is on the cards,
Short term, the XAGUSD appears to be forming a top at around $21.40-60. The Relative Strength Index (RSI), at bearish territory with a downslope, suggests some selling pressure piling, but a break below the confluence of Wednesday’s low and the daily pivot point at $21.16 would exacerbate a test of the psychological $21.00.
XAGUSD key resistance levels lie at $21.60, followed by the R1 daily pivot at $21.82 and the $22.00 mark.
Silver (XAGUSD) Key Technical Levels
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