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Analysis of the Silver Price: XAG/USD declines toward $18.30 crucial support

Alina Haynes

Oct 21, 2022 14:58

 截屏2022-09-23 下午2.30.27.png

 

During Friday's Asian session, the silver price (XAG/USD) declines from its weekly high to $18.60, inching closer to the major trend line support. In doing so, the precious metal pares yesterday's gains while positioning itself for a favorable weekly close.

 

However, the metal's inability to breach the 50-SMA during the previous day's rally, combined with the steady RSI (14) keeps sellers optimistic.

 

As a result, the XAG/USD exchange rate may attempt for the fourth consecutive time to breach the upwardly sloping support line from early September, which was at $18.30 at press time.

 

Notably, the death cross on the four-hour chart lends power to the metal's bearish bias, suggesting a clear break of the $18.30 support, which in turn might push the price towards the yearly low around $17.55.

 

The death cross occurs when the 50-SMA falls below the 200-SMA and is often advantageous for sellers. Notable also is that the lows established in October and late September, around $18.00, could serve as additional downside filters for silver bears to monitor.

 

In the meantime, recovery moves must not only surpass the 50-SMA hurdle of $18.80 but also remain above the 200-SMA level of $19.23 in order to satisfy buyers.


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