The price of silver, represented by #XAGUSD, is continuing to decline and is currently at a one-month low. After experiencing losses for three consecutive days, the silver price remains under pressure. According to the viewpoint of @nehcap, it is expected that the silver price will continue to decrease further.
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- Silver Price remains pressured at one-month low after three-day losing streak.
The pair currently trades last at 22.697.
The previous day high was 22.94 while the previous day low was 22.62. The daily 38.2% Fib levels comes at 22.74, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.82, expected to provide resistance.
Silver Price (XAG/USD) holds lower grounds near $22.70 as bears await the US inflation data on early Thursday. In doing so, the XAG/USD stays depressed at the lowest level in a month after declining in the last three consecutive days.
It’s worth noting that the bearish MACD signals keep the Silver sellers hopeful as the commodity defends the early-week break of the 200-DMA and an upward-sloping support line from early March, now immediate resistance near $23.10.
However, the RSI (14) line is near the oversold territory, suggesting limited downside room for the XAG/USD, which in turn highlights a horizontal area comprising multiple levels marked since November 2022 around $22.20–10. Also acting as a downside filter is the $22.00 round figure.
In a case where the Silver Price drops below $22.00, the early March swing high of around $21.30 will be in the spotlight.
Alternatively, an upside break of the support-turned-resistance line of around $23.10 isn’t an open invitation to the Silver buyers as the 200-DMA hurdle surrounding $23.30 also challenges the bright metal’s upside momentum.
Following that, the tops marked in June and July, respectively around $24.55 and $25.25 should lure the XAG/USD bulls.
Trend: Further downside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 22.69 at the time of writing. Pair opened at 22.67 and is trading with a change of 0.09% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 22.69 |
| 1 | Today Daily Change | 0.02 |
| 2 | Today Daily Change % | 0.09% |
| 3 | Today daily open | 22.67 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 24.26, 50 SMA 23.7, 100 SMA @ 24.06 and 200 SMA @ 23.22.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 24.26 |
| 1 | Daily SMA50 | 23.70 |
| 2 | Daily SMA100 | 24.06 |
| 3 | Daily SMA200 | 23.22 |
The previous day high was 22.94 while the previous day low was 22.62. The daily 38.2% Fib levels comes at 22.74, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.82, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 22.55, 22.43, 22.23
- Pivot resistance is noted at 22.86, 23.06, 23.18
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 22.94 |
| Previous Daily Low | 22.62 |
| Previous Weekly High | 24.84 |
| Previous Weekly Low | 23.23 |
| Previous Monthly High | 25.27 |
| Previous Monthly Low | 22.52 |
| Daily Fibonacci 38.2% | 22.74 |
| Daily Fibonacci 61.8% | 22.82 |
| Daily Pivot Point S1 | 22.55 |
| Daily Pivot Point S2 | 22.43 |
| Daily Pivot Point S3 | 22.23 |
| Daily Pivot Point R1 | 22.86 |
| Daily Pivot Point R2 | 23.06 |
| Daily Pivot Point R3 | 23.18 |
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