Silver Price Analysis: XAG/USD renews weekly low as bears approach $21.20 support

FXStreet · 22 Jun 2022 3.2K Views
  • Silver Price Analysis: XAG/USD renews weekly low as bears approach $21.20 support
  • Five-week-old horizontal support area lures sellers amid bearish MACD signals, descending RSI.
  • Bulls need successful break of three-week-old resistance to retake control.

Silver (XAG/USD) prices drop amid failures to cross the 200-SMA, as well as a short-term key resistance line. That said, the bright metal stays on offer to renew daily low around $21.40 during Wednesday’s Asian session.

In addition to the pullback from a downward sloping resistance line from June 03 and the 200-SMA, bearish signals from the MACD and downbeat RSI line, not oversold, also keep XAG/USD sellers hopeful.

However, a horizontal support area comprising multiple levels marked since mid-May, around $21.20, appears a tough nut to crack for the silver bears.

Should the quote drop below $21.20, the monthly low surrounding $20.90 may entertain sellers before directing them to May’s bottom of $20.45.

On the flip side, the 200-SMA and the aforementioned resistance line, respectively near $21.75 and $21.85, precede the $22.00 threshold to challenge the short-term XAG/USD rebound.

Following that, the monthly high near $22.50 will be crucial as a break of which could reverse the bear trend established in April.

Silver: Four-hour chart

Trend: Further weakness expected

Additional important levels

Today last price 21.5
Today Daily Change -0.19
Today Daily Change % -0.88%
Today daily open 21.69
Daily SMA20 21.82
Daily SMA50 22.53
Daily SMA100 23.52
Daily SMA200 23.36
Previous Daily High 21.94
Previous Daily Low 21.49
Previous Weekly High 22.02
Previous Weekly Low 20.9
Previous Monthly High 23.28
Previous Monthly Low 20.46
Daily Fibonacci 38.2% 21.77
Daily Fibonacci 61.8% 21.66
Daily Pivot Point S1 21.48
Daily Pivot Point S2 21.26
Daily Pivot Point S3 21.03
Daily Pivot Point R1 21.92
Daily Pivot Point R2 22.16
Daily Pivot Point R3 22.37

Affected Trading Instrument

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