Silver Price Analysis: XAG/USD cracks below the 20/50-DMA, hovers around $22.50s

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  • Silver prices show little movement, trading at $22.59 amid a halt in the decline of US Treasury yields and a negligible uptick in the Dollar.
  • Technical analysis suggests a neutral to bearish outlook for silver, with a potential drop if it closes below the October 26 low of $22.44.
  • Silver's immediate support and resistance levels hover around the $22.00 and $23.00 marks, respectively.

Silver price is almost flat during Wednesday’s North American session, as US Treasury bond yields halted its decline, while the Greenback (USD) prints minuscule gains of 0.01%, as shown by the US Dollar Index (DXY). At the time of writing, the XAG/USD is trading at $22.59, after seesawing in a $22.31/$22.84 range, unable to reach the $23.00 mark.

From a technical perspective, XAG/USD is neutral to downward bias and would extend its losses once it achieves a daily close below the latest cycle low seen on October 26, a swing low of $22.44. In that outcome, the grey metal would shift downwards. Therefore, key support levels could be challenged, with the $22.00 figure, the first line of defense for Silver Bulls, followed by $21.50, followed by the $21.00 mark.

On the flip side, buyers must reclaim the 50-day moving average (DMA) at $22.75, followed by the 20-DMA at $22.84, followed by the $23.00 mark.

XAG/USD Price Chart – Daily

XAG/USD Technical Levels

XAG/USD

Overview
Today last price 22.59
Today Daily Change -0.03
Today Daily Change % -0.13
Today daily open 22.62
 
Trends
Daily SMA20 22.84
Daily SMA50 22.81
Daily SMA100 23.19
Daily SMA200 23.27
 
Levels
Previous Daily High 23.08
Previous Daily Low 22.43
Previous Weekly High 23.61
Previous Weekly Low 22.54
Previous Monthly High 23.7
Previous Monthly Low 20.68
Daily Fibonacci 38.2% 22.68
Daily Fibonacci 61.8% 22.83
Daily Pivot Point S1 22.34
Daily Pivot Point S2 22.06
Daily Pivot Point S3 21.69
Daily Pivot Point R1 22.99
Daily Pivot Point R2 23.36
Daily Pivot Point R3 23.64

 

 

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