Silver Price Analysis: XAG/USD eyes $21.00 amid bearish signals

Silver prices nosedive 1.8% as they breach crucial support, with sights set on $21.00.
XAG/USD’s bearish momentum strengthens after falling below the 200-day EMA.
Recouping 200-day EMA could lead to stabilized trading activity.

Christian Borjon Valencia FXStreet

Silver price plunges past the May 26 daily low support at $22.68, extending its losses towards the $22.20 area with sellers eyeing the $21.00 handle. Therefore, XAG/USD Is trading at $22.23, down by 1.80% after hitting a daily high of $22.72, slightly below the 200-day Exponential Moving Average (EMA)

XAG/USD Price Analysis: Technical outlook

Given the backdrop, XAG/USD’s turned bearish after falling below the 200-day EMA and below the prior’s market structure swing low of May 26. The Relative Strength Index (RSI) indicator is also still in bearish territory. At the same time, the three-day Rate of Change (RoC) has printed its lowest level since the beginning of February 3, after the 4.69% plunge that began the snowball fall of Silver prices toward the lowest price of the year, at $19.92.

The XAG/USD first support would be the $22.00 figure. A breach of the latter will expose the March 16 swing low of $21.47, followed by the March 10 daily high at $20.78. Once cleared, the next test would be the year-to-date (YTD) low of $19.92.

Conversely, if XAG/USD buyers stepped in and claimed the 200-day EMA, that could pave the way for sideways price action.

XAG/USD Price Action – Daily chart

XAG/USD

Overview
Today last price	22.25
Today Daily Change	-0.41
Today Daily Change %	-1.81
Today daily open	22.66

Trends
Daily SMA20	23.61
Daily SMA50	24.32
Daily SMA100	23.35
Daily SMA200	22.46

Levels
Previous Daily High	23.18
Previous Daily Low	22.5
Previous Weekly High	24.4
Previous Weekly Low	23.22
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	22.76
Daily Fibonacci 61.8%	22.92
Daily Pivot Point S1	22.38
Daily Pivot Point S2	22.1
Daily Pivot Point S3	21.7
Daily Pivot Point R1	23.06
Daily Pivot Point R2	23.46
Daily Pivot Point R3	23.75

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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