Silver, represented by #XAGUSD, has decreased by over 1% and is facing difficulty in maintaining a position above the intersection of the 50 and 20-day EMAs at the price range of $23.86 to $23.92.

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• Silver is down by more than 1%, struggling to stay above the confluence of 50 and 20-day EMAs at $23.86/92.

The pair currently trades last at 23.953.

The previous day high was 24.21 while the previous day low was 23.84. The daily 38.2% Fib levels comes at 24.07, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.98, expected to provide resistance.

Silver price retraces from last Friday’s highs of $24.20, down more than 1%, as sellers look to get XAG/USD price below the confluence of the 50 and 20-day ExponentialMoving Averages (EMAs) at around $23.86/92. At the time of writing, the XAG/USD is trading at $23.92.

The XAG/USD remains neutral to downward biased after slipping past support at the April 29 swing low of $24.49, a price level tested four times last month. However, buyers’ failure to crack that level exposed XAG/USD to selling pressure, witnessed by Monday’s price action as Silver collided with resistance at a downslope trendline drawn from year-to-date (YTD) highs of $26.13 that passes at around the $24.20/30 area.

In addition, the Relative Strength Index (RSI) indicator aims lower, about to pierce below the 50-midline, a bearish signal, while the three-day Rate of Change (RoC) sees the latest spike, well below the last three upside days, suggesting that buying pressure is fading.

Therefore, the XAG/USD path of least resistance is downwards. The first support would be the confluence of the 50 and 20-day EMAs at the $23.86/92 range. A breach of the latter will expose the 100-day EMA at $23.55, followed by the $23.00 figure ahead of the 200-day EMA at $22.96. Conversely, the XAG/USD first resistance would be the $24.00 threshold, ahead of April’s 29 low turned resistance at around $24.49.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.95 at the time of writing. Pair opened at 24.2 and is trading with a change of -1.03 % .

The pair is trading above its 20 Daily moving average @ 23.63, below its 50 Daily moving average @ 24.43 , above its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.4

The previous day high was 24.21 while the previous day low was 23.84. The daily 38.2% Fib levels comes at 24.07, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.98, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.96, 23.71, 23.58
• Pivot resistance is noted at 24.33, 24.46, 24.7

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