- Silver price falls below $22.14 amid general USD strength.
- Silver Price Analysis: A break below $22.00 would aggravate the test of a symmetrical triangle breakout around $21.80.
the price of silver fell from daily highs reached at 22.59, testing current week lows of $22.14 on speculation that the Federal Reserve (Fed) would continue to tighten monetary conditions, despite recessionary risks being skewed to the rise. Therefore, the US dollar was boosted by safe-haven flows, to the detriment of precious metals. At the time of writing, the XAG/USD pair is trading at $22.19.
Silver Price Analysis: XAG/USD Technical Outlook
Since falling more than 3.80% on Monday, XAGU/USD remains under lower pressure, hitting fresh two-day lows below $22.17, which would compound a slide towards the upper trend line of a broken symmetrical triangle on Monday. last thursday. Notably, the Relative Strength Index (RSI) and Rate of Exchange (RoC) show that the buying pressure for white metals is fading, and unless buyers step in around $22.00, further bearish action is warranted. .
Therefore, the first support for the XAG/USD would be the figure of $22.00. A break below will reveal the 20-day EMA at $21.53, followed by the trend-setting 200*day EMA at $21.03. On the other hand, the first resistance for XAG/USD would be the psychological level of $23.00. A break of the latter would expose the Dec 5 high at $23.51, followed by the $24.00 mark.
Key Silver Technical Levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
