Silver Price Analysis: XAG/USD sellers eye 100-DMA retest


  • Silver prices stay pressured after two-day declines, 12-day-old support line in focus.
  • RSI pullback from overbought territory joins failures to cross 200-DMA to favor sellers.
  • 100-DMA defends corrective pullback from December’s low, November’s high adds to the upside filters.

Silver (XAG/USD) fades bounce off weekly low under $24.00 during Tuesday’s Asian session.

The bright metal’s failures to keep the late Monday’s recovery could be linked to the failures to cross the 200-DMA and RSI pullback from the overbought region, which in turn signals extension of the latest weakness.

That said, an upward sloping trend line from January 07, near $23.45 by the press time, challenges the metal’s short-term declines ahead of the key 100-DMA support level surrounding $23.25.

Should XAG/USD remains bearish past $23.25, the monthly low near $21.95 and the previous month’s low around $21.40 will be in focus.

On the flip side, a downward sloping trend line from May, at $24.15 by the press time, restricts the metal’s immediate recoveries ahead of the 200-DMA level of $24.60.

If the XAG/USD prices rise past $24.60, November’s high of $25.40 and 61.8% Fibonacci retracement of May-December 2021 downside near $25.95, should lure the bulls.

Silver: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 23.93
Today Daily Change -0.30
Today Daily Change % -1.24%
Today daily open 24.23
 
Trends
Daily SMA20 23.11
Daily SMA50 23.07
Daily SMA100 23.26
Daily SMA200 24.62
 
Levels
Previous Daily High 24.58
Previous Daily Low 24.17
Previous Weekly High 24.7
Previous Weekly Low 22.81
Previous Monthly High 23.44
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 24.33
Daily Fibonacci 61.8% 24.42
Daily Pivot Point S1 24.07
Daily Pivot Point S2 23.92
Daily Pivot Point S3 23.67
Daily Pivot Point R1 24.48
Daily Pivot Point R2 24.73
Daily Pivot Point R3 24.89

 

 

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