#XAGUSD @ 22.263 Silver prices break downwards from a megaphone formation, suggesting that bias is downwards. (Pivot Orderbook analysis)

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• Silver prices break downwards from a megaphone formation, suggesting that XAG/USD bias is downwards.
• Silver Price Analysis: Downward biased and will face strong resistance at around$22.29.

The pair currently trades last at 22.263.

The previous day high was 23.61 while the previous day low was 22.29. The daily 38.2% Fib levels comes at 22.79, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.1, expected to provide resistance.

Silver price slides below a downslope trendline of a megaphone formation and also beneath the 100-day Exponential Moving Average (EMA) as Tuesday’s Asian session begins. At the time of writing, the XAG/USD exchanges hands at $22.25.

From a technical perspective, the XAG/USD is neutral-to-downward biased. Silver’s fall under a megaphone trendline could exacerbate the white metal’s fall toward the 100-day EMA at $22.29. A breach of the latter and the 200-day EMA at $21.94 would be in play, which, once cleared, and XAG/USD might test the November 28 swing low at $20.87.

Given the backdrop, oscillators like the Relative Strength Index (RSI) and the Rate of Change (RoC) suggest that selling pressure is gathering momentum.

Nevertheless, as an alternate scenario, the XAG/USD first resistance would be the 100-day EMA at $22.29. Once cleared, the non-yielding metal could climb toward the 50-day EMA at $23.05, ahead of the 20-day EMA at $23.32.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.28 at the time of writing. Pair opened at 22.35 and is trading with a change of -0.31 % .

The pair is trading below its 20 Daily moving average @ 23.69, below its 50 Daily moving average @ 23.42 , above its 100 Daily moving average @ 21.69 and above its 200 Daily moving average @ 21.02

The previous day high was 23.61 while the previous day low was 22.29. The daily 38.2% Fib levels comes at 22.79, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.1, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 21.89, 21.43, 20.58
• Pivot resistance is noted at 23.21, 24.06, 24.52

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