#XAGUSD @ 21.974 Silver shifted bearish following Thursday’s daily close below the 200-DMA (Pivot Orderbook analysis)

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• Silver shifted bearish following Thursday’s daily close below the 200-DMA
• Silver Price Analysis: A downward condition is expected with price action and RSI’s coinciding on its bearish bias.

The pair currently trades last at 21.974.

The previous day high was 22.54 while the previous day low was 22.14. The daily 38.2% Fib levels comes at 22.39, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.29, expected to provide resistance.

Silver price slides below a bottom-trend line of a bearish megaphone formation and is testing the 200-day Exponential Moving Average (EMA) at around $21.95. At the time of writing, the XAG/USD exchanges hands at $21.97.

From a daily chart perspective, XAG/USD threatens to crack the 200-day EMA, which, if accomplished, it could pave the way for further losses. In addition, oscillators turned bearish, notably the Relative Strength Index (RSI), while the Rate of Change (RoC) is almost flat, depicting that neither buyers/sellers are in control.

However, XAG/USD’s daily close below the 200-day EMA could send Silver prices diving. The next support area would be the $21.00 psychological price level, followed by the November 28 daily low of $20.87 and the November 21 low of $20.59.

As an alternate scenario, the XAG/USD’s first resistance would be the psychological $22.00 mark. A breach of the latter would expose a support-turned-resistance bottom trendline of the megaphone formation at $22.40, followed by the high of the week at $22.59.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.98 at the time of writing. Pair opened at 22.29 and is trading with a change of -1.39 % .

The pair is trading below its 20 Daily moving average @ 23.49, below its 50 Daily moving average @ 23.47 , above its 100 Daily moving average @ 21.77 and above its 200 Daily moving average @ 21.01

The previous day high was 22.54 while the previous day low was 22.14. The daily 38.2% Fib levels comes at 22.39, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.29, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.11, 21.92, 21.71
• Pivot resistance is noted at 22.51, 22.72, 22.91

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