During the US trading session, the XAGUSD pair experienced a decline of $1.28 and retreated to a level of $22.30.
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- XAG/USD fell $1.28 during the US trading session, backsliding into $22.30.
The pair currently trades last at 22.254.
The previous day high was 22.74 while the previous day low was 22.4. The daily 38.2% Fib levels comes at 22.61, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.53, expected to provide resistance.
Silver prices have tumbled from a late-week peak for Friday’s trading, skidding into $22.30 after falling over 5.5% over the course of the US trading session.
The XAG/USD is back into familiar lows that Silver has cycled into for most of the year, driven by a resurgence in US Dollar (USD) bidding as global markets routinely pivot on fears of an impending economic slowdown that could roll over into a full-blown ‘hard landing’ if left unchecked.
Silver prices have consistently waffled on the top end ever since slipping from 2023’s early peak above $26.00, a high set back in May.
Friday’s sharp reversal only serves to highlight the XAG/USD’s large exposure to broader market sentiment, tracking closely with US Dollar flows.
Silver is trading back into a familiar bottom just above the $22.00 major psychological level. A descending pattern of lower highs in XAG/USD is capping off long-term bullish potential, and a descending trendline is marked in from May’s peak just north of $26.00.
Despite Friday’s bomb-drop into the floor, the XAG/USD could potentially be set for another bullish turn around the cyclical pattern if Silver bidders can amass enough to arrest the current slide.
On the down side, if risk-off price pressure maintain through the weekend and into next week, Silver could see itself dropping further below $23.00 and set up a bearish push into $22.00 and beyond into six-month lows.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 22.32 at the time of writing. Pair opened at 22.62 and is trading with a change of -1.33 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 22.32 |
| 1 | Today Daily Change | -0.30 |
| 2 | Today Daily Change % | -1.33 |
| 3 | Today daily open | 22.62 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 23.17, 50 SMA 23.49, 100 SMA @ 23.53 and 200 SMA @ 23.46.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.17 |
| 1 | Daily SMA50 | 23.49 |
| 2 | Daily SMA100 | 23.53 |
| 3 | Daily SMA200 | 23.46 |
The previous day high was 22.74 while the previous day low was 22.4. The daily 38.2% Fib levels comes at 22.61, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.53, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 22.43, 22.25, 22.1
- Pivot resistance is noted at 22.77, 22.92, 23.11
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 22.74 |
| Previous Daily Low | 22.40 |
| Previous Weekly High | 23.78 |
| Previous Weekly Low | 22.81 |
| Previous Monthly High | 25.02 |
| Previous Monthly Low | 22.23 |
| Daily Fibonacci 38.2% | 22.61 |
| Daily Fibonacci 61.8% | 22.53 |
| Daily Pivot Point S1 | 22.43 |
| Daily Pivot Point S2 | 22.25 |
| Daily Pivot Point S3 | 22.10 |
| Daily Pivot Point R1 | 22.77 |
| Daily Pivot Point R2 | 22.92 |
| Daily Pivot Point R3 | 23.11 |
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