Silver Price Analysis: XAG/USD defends $23.00, looks set for a bumpy road to the south


  • Silver remains mildly offered around one-week low, recently teasing daily bottom.
  • Bearish MACD, pullback from 10-day EMA favor sellers during three-day downtrend.
  • Multiple trend lines to challenge bears ahead of yearly low.

Silver (XAG/USD) drops 1.25% during early Thursday, around $23.20 by the press time. In doing so, the white metal justifies Tuesday’s pullback from 10-day EMA amid bearish MACD to refresh one-week low, not to forget declining for the third consecutive day.

It should be noted, however, that the current south-run has a bumpy road before hitting the yearly low of $22.16, flashed on August 09.

Among them, a downward sloping trend line from January, near $23.00, becomes the first rest-point for the silver bears.

Following that, an 11-month-old ascending support line, near $22.70, will act as an additional filter.

It’s worth marking that the quote’s weakness past $22.16, will aim for the $22.00 threshold but lows marked during the November and September months of 2020, respectively around $21.90 and $21.65, will entertain the bears.

Alternatively, a daily closing beyond the 10-day EMA level of $23.76 needs validation from March low near $23.80 and the weekly top surrounding $24.00 to recall the XAG/USD buyers.

Silver: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 23.21
Today Daily Change -0.31
Today Daily Change % -1.32%
Today daily open 23.52
 
Trends
Daily SMA20 24.53
Daily SMA50 25.55
Daily SMA100 26.13
Daily SMA200 25.89
 
Levels
Previous Daily High 23.83
Previous Daily Low 23.29
Previous Weekly High 24.37
Previous Weekly Low 22.17
Previous Monthly High 26.78
Previous Monthly Low 24.5
Daily Fibonacci 38.2% 23.5
Daily Fibonacci 61.8% 23.62
Daily Pivot Point S1 23.26
Daily Pivot Point S2 23.01
Daily Pivot Point S3 22.73
Daily Pivot Point R1 23.8
Daily Pivot Point R2 24.08
Daily Pivot Point R3 24.33

 

 

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