The value of silver has slightly increased by 0.50%, but it was not enough to reach the same level as on May 26. As a result, the situation is unfavorable and may lead to a negative trend.

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• Silver price sees a minor gain of 0.50% but fails to reclaim the May 26 daily low, resulting in a bearish outlook.

The pair currently trades last at 22.360.

The previous day high was 22.74 while the previous day low was 22.18. The daily 38.2% Fib levels comes at 22.39, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.52, expected to provide resistance.

Silver price remains firm in the session but could not reclaim the May 26 daily low; previous support turned resistance and also below the 200-day Exponential Moving Average (EMA). Therefore, the XAG/USD turned bearish from a technical perspective. The XAG/USD is trading at $22.32, a gain of 0.50%.

Must read: Gold Price Forecast: XAU/USD rebounds amid recession fears, slowing global economic growth

Silver is downward biased but must break support at the March 21 daily low of $22.14 on its way toward dropping below the $22.00 figure. Even though the XAG/USD fell to a new three-month high, cheered by sellers, the XAG/USD could remain trading sideways, within the $22.10/$22.69 area without a catalyst.

If XAG/USD slumps below $22.00, the next support will lie at the March 16 low of $21.46 before exposing the $21.00 figure and the November 28 daily low at $20.87. On the flip side, the XAG/USD stays above $22.00. The next resistance would be the May 26 low-turned resistance at $22.68, followed by the 200-day EMA at $22.94 ahead of challenging $23.00.

From an oscillator point of view, the Relative Strength Index (RSI) shows signs of bearishness, while the three-day Rate of Change (RoC) portrays sellers losing some momentum but remaining in charge.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.39 at the time of writing. Pair opened at 22.25 and is trading with a change of 0.63 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 23.58, 50 SMA 24.25, 100 SMA @ 23.33 and 200 SMA @ 22.47.

The previous day high was 22.74 while the previous day low was 22.18. The daily 38.2% Fib levels comes at 22.39, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.52, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.04, 21.83, 21.49
• Pivot resistance is noted at 22.6, 22.94, 23.15

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