The XAGUSD at 23.156 has experienced a decline subsequent to breaching support levels. However, it is still above the 200-day EMA at $22.96, which is currently being challenged.

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• XAG/USD has moved downward after breaking support levels, remaining above the 200-day EMA at $22.96, which is now under pressure.

The pair currently trades last at 23.156.

The previous day high was 24.2 while the previous day low was 23.89. The daily 38.2% Fib levels comes at 24.01, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.08, expected to provide resistance.

Silver price plunges more than 3%, and sellers are eyeing a challenge of the 200-day Exponential Moving Average (EMA), as overall US Dollar (USD) strength drives the financial markets on Tuesday. Fed speakers will cross newswires, while the Fed Chair Jerome Powell’s testimony at the US Congress dampened the market mood. At the time of writing, XAG/USD exchanges hands at $23.14 after hitting a daily high of $24.02.

The XAG/USD has shifted downward biased after cracking support levels. Yet stills above the 200-day EMA ) at $22.96, which is up for grabs, as Silver’s spot price continues to nosedive during the North American session. Oscillators like the Relative Strength Index (RSI) indicator portray a negative scenario for XAG’s buyers, with the RSI turning negative, while the three-day Rate of Change (RoC) is at its lowest level since May 25.

That said, the XAG/USD first support would be the $23.00 figure. A breach of the latter will expose the 200-day EMA, followed by the May 26 low at $22.68. if XAG/USD surpasses the latter, Silver could plummet to the $21.00 handle. Conversely, if XAG/USD buyers reclaim the 100-day EMA at $23.54, they could challenge $24.00.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.12 at the time of writing. Pair opened at 23.95 and is trading with a change of -3.47 % .

The pair is trading below its 20 Daily moving average @ 23.64, below its 50 Daily moving average @ 24.41 , below its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.43

The previous day high was 24.2 while the previous day low was 23.89. The daily 38.2% Fib levels comes at 24.01, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.08, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.82, 23.7, 23.51
• Pivot resistance is noted at 24.14, 24.33, 24.46

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