Silver Price Analysis: XAG/USD slides 1%, eyeing key support level as buyers face resistance

Silver is down by more than 1%, struggling to stay above the confluence of 50 and 20-day EMAs at $23.86/92.
Failure to breach the April 29 swing low leads to increased selling pressure; YTD resistance at $24.20/30 adds to downward pressure.
Bearish RSI signal and weakening buying pressure suggest XAG/USD’s path of least resistance is downwards.

Christian Borjon Valencia FXStreet

Silver price retraces from last Friday’s highs of $24.20, down more than 1%, as sellers look to get XAG/USD price below the confluence of the 50 and 20-day ExponentialMoving Averages (EMAs) at around $23.86/92. At the time of writing, the XAG/USD is trading at $23.92.

XAG/USD Price Analysis: Technical outlook

The XAG/USD remains neutral to downward biased after slipping past support at the April 29 swing low of $24.49, a price level tested four times last month. However, buyers’ failure to crack that level exposed XAG/USD to selling pressure, witnessed by Monday’s price action as Silver collided with resistance at a downslope trendline drawn from year-to-date (YTD) highs of $26.13 that passes at around the $24.20/30 area.

In addition, the Relative Strength Index (RSI) indicator aims lower, about to pierce below the 50-midline, a bearish signal, while the three-day Rate of Change (RoC) sees the latest spike, well below the last three upside days, suggesting that buying pressure is fading.

Therefore, the XAG/USD path of least resistance is downwards. The first support would be the confluence of the 50 and 20-day EMAs at the $23.86/92 range. A breach of the latter will expose the 100-day EMA at $23.55, followed by the $23.00 figure ahead of the 200-day EMA at $22.96. Conversely, the XAG/USD first resistance would be the $24.00 threshold, ahead of April’s 29 low turned resistance at around $24.49.

XAG/USD Price Action – Daily chart

XAG/USD

Overview
Today last price	23.95
Today Daily Change	-0.25
Today Daily Change %	-1.03
Today daily open	24.2

Trends
Daily SMA20	23.63
Daily SMA50	24.43
Daily SMA100	23.36
Daily SMA200	22.4

Levels
Previous Daily High	24.21
Previous Daily Low	23.84
Previous Weekly High	24.4
Previous Weekly Low	23.22
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	24.07
Daily Fibonacci 61.8%	23.98
Daily Pivot Point S1	23.96
Daily Pivot Point S2	23.71
Daily Pivot Point S3	23.58
Daily Pivot Point R1	24.33
Daily Pivot Point R2	24.46
Daily Pivot Point R3	24.7

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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