Silver Price Analysis: XAG/USD bears approach six-week-old support near $21.00
FXStreet · 23 Jun 2022 2.8K Views
  • Silver remains pressured around intraday low, extending the week-start pullback from 21-DMA.
  • Steady RSI hints at the metal’s further downside towards an ascending support line from mid-May.
  • Convergence of 21-DMA, 13-day-old resistance line and 23.6% Fibonacci retracement level appears a tough nut to crack for bulls.

Silver (XAG/USD) stays on the back foot for the second consecutive day, taking offers at around $21.35, during Thursday‘s Asian session.

In doing so, the bright metal extends the recent pullback amid failures to cross the short-term key hurdles. Also keeping sellers hopeful is the steady RSI (14).

That said, the commodity prices drop towards an upward sloping support line from May 13, at $21.00 by the press time.

However, the monthly low of $20.89 and May’s bottom surrounding $20.45 will challenge the quote’s further declines ahead of highlighting the $20.00 psychological magnet for bears.

Alternatively, the 21-DMA, a two-week-old descending trend line and 23.6% Fibonacci retracement of the April-May downside together offer a strong resistance around $21.80-85.

Should the quote manage to rise past $21.85, an upward trajectory towards the 50-DMA and then to the monthly high, respectively around $22.40 and $22.50, can’t be ruled out.

Overall, silver prices are likely to witness further downside but the room to the south appears limited.

Silver: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 21.39
Today Daily Change -0.30
Today Daily Change % -1.38%
Today daily open 21.69
Trends
Daily SMA20 21.82
Daily SMA50 22.53
Daily SMA100 23.52
Daily SMA200 23.36
Levels
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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