Silver Price Analysis: XAG/USD tanks over 3%, breaks key support levels as bears eye $23.00


  • XAG/USD confirms a downtrend by breaking below 200, 100, and 50-day moving averages.
  • Downtrend signals potential testing of November 13 swing low at $21.88 unless buyers intervene to lift the spot price.
  • On the upside, buyers must reclaim $23.00 to challenge and surpass broken DMAs, potentially targeting $24.00.

Silver price is collapsing more than 3% in the day, breaking key support levels on its way south, set to finish the week with losses of more than 9.50%. At the time of writing, XAG/USD is trading at $22.97 after hitting a daily high of $23.89.

XAG/USD’s daily chart confirms the grey metal’s downtrend after breaching the 200, 100, and 50-day moving averages (DMAs), each at $23,49, $23.24, and $23.06. That said unless buyers lift the spot price, that would set the stage for a test of the November 13 swing low of $21.88.

Firstly, XAG/USD sellers must drag prices below a support trendline that passes at around $22.69. Once cleared, the next stop would be $22.00, ahead of the November 13 daily low mentioned above.

Conversely, if Silver buyers reclaim the $23.00 figure, that could pave the way for reclaiming each DMA previously broken. Once those levels are cleared, up next would bet the $24.00 mark.

XAG/USD Price Analysis – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price 22.99
Today Daily Change -0.81
Today Daily Change % -3.40
Today daily open 23.8
 
Trends
Daily SMA20 23.96
Daily SMA50 23.05
Daily SMA100 23.27
Daily SMA200 23.48
 
Levels
Previous Daily High 24.03
Previous Daily Low 23.58
Previous Weekly High 25.52
Previous Weekly Low 24.26
Previous Monthly High 25.27
Previous Monthly Low 21.88
Daily Fibonacci 38.2% 23.75
Daily Fibonacci 61.8% 23.86
Daily Pivot Point S1 23.58
Daily Pivot Point S2 23.36
Daily Pivot Point S3 23.14
Daily Pivot Point R1 24.03
Daily Pivot Point R2 24.25
Daily Pivot Point R3 24.47

 

 

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