- Silver struggles below the 200-day EMA, trading nearly flat.
- Bearish indicators suggest downward potential despite some buying pressure.
- A daily close above 200-day EMA could spark a rebound to $23.00.
Silver price advances sharply during the week, though as the Asian session begins, the XAG/USD is facing solid resistance at the 200-day Exponential Moving Average (EMA) at $22.94. That said, the Silver (XAG/USD) spot is trading at $22.77, almost flat, at the time of writing.
XAG/USD Price Analysis: Technical outlook
XAG/USD shifted bearish once it fell below the 200-day EMA and beneath the May 26 daily low of $22.68. Even though XAG/USD hovers above the latter, a daily close above it’s required to keep buyers hopeful of reclaiming higher prices, like the 200-day EMA, ahead of the $23.00 barrier.
Nevertheless, the XAG/USD’s path of least resistance is downward biased, as shown by the Relative Strength Index (RSI) indicator, at bearish territory. At the same time, the three-day Rate of Change (RoC) portrays some buying pressure lifted the XAG/USD.
That said, the XAG/USD first support would be $22.68. A breach of the latter will expose the XAG/USD last week’s low of $22.11 before dropping beneath the $22.00 mark. Conversely, if XAG/USD achieves a daily close above the 200-day EMA, the XAG/USD could challenge $23.00 as the first resistance. Break above will expose the 20-day EMA at $23.31, followed by the 100-day EMA at $23.45.
XAG/USD Price Action – Daily chart
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