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Silver Price Analysis: XAG/USD drops below the 100/200-day simple moving average and goes bearish, aiming $21.00

Daniel Rogers

Feb 10, 2023 11:36

 截屏2022-06-07 下午5.17.07.png

 

Silver price is testing the 200-day Exponential Moving Average (EMA) at approximately $21.95. This structure's bottom-trend line is a bearish megaphone formation. At the time of this writing, the XAG/USD rate is $21.97.

 

Daily chart analysis indicates that XAG/USD is close to breaching the 200-day exponential moving average (EMA), which might pave the stage for additional losses. In addition, oscillators have been pessimistic, specifically the Relative Strength Index (RSI), while the Rate of Change (RoC) is nearly flat, indicating that neither buyers nor sellers are in control.

 

But if XAG/USD closes below the 200-day exponential moving average, silver prices could plummet. The $21.00 psychological price level is the next area of support, followed by the November 28 daily low of $20.87 and the November 21 low of $20.59.

 

In an alternative scenario, the first point of resistance for the XAG/USD would be the psychological $22.00 level. A violation of the latter would expose the support-turned-resistance trendline at $22.40, followed by the weekly high at $22.59.


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