Monday’s dragonfly doji keeps XAG / USD bulls hopeful above $ 22.00

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  • Silver remains slightly higher above the $ 22.50 level.
  • The near oversold RSI conditions can help silver make recovery moves.
  • A confluence of the 10-day SMA and the three-week downtrend line offers a strong barrier to the upside.

Silver prices () XAG / USD moved above the $ 22.50 level during the Asian session on Tuesday. The white metal fell to a new low from September 24 the previous day before bouncing off $ 21.89.

With that, Monday’s daily candle turns out to be a dragonfly doji, a bullish candle, which also gains support from a nearly oversold RSI, currently around the 34 level.

As a result, a further retracement of silver towards the $ 23.00 level cannot be ruled out. However, the confluence of a 10-day SMA and a bearish resistance line from Nov 09, currently around $ 23.40, may limit the further rise.

It should also be noted that the dominance of the bulls above $ 23.40 may point to the mid-November high near $ 25.10.

On the other hand, the round level of $ 22.00 and the recent low around $ 21.90 may entertain sellers before targeting the September low of $ 21.65.

However, further weakness of the metal below $ 21.65 will make it vulnerable to revisit the psychological level of $ 20.00 and the February high near $ 19.00.

Silver daily chart

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Silver technical levels

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