Categories: Markets

Silver Price Analysis: XAG/USD Pulls Back Toward $22.25

Silver Price Analysis: XAG/USD Pulls Back Toward .25
  • XAG/USD falls on risk appetite and technical factors as a dragonfly doji emerges.
  • If XAG/USD falls below $22.00, sellers would face support roadblocks in the $21.80-$90 zone.
  • XAG/USD Price Analysis: Consolidating around levels known prior to the FOMC decision.

the price of silver reversed its bullish course, falling around 1.20% late in the session. After reaching a seven-week high of $22.71 on Monday, the XAG/USD pair has retraced some of those gains and is trading near the March 20 daily low of $22.22. At the time of writing, XAG/USD was trading at $22.29, down 0.27% on the day.

XAG/USD Price Action

The week began with the white metal printing a fresh multi-week high before reversing and closing above $22.50. On its way north, XAG/USD recaptured the 200 day EMA, shifting the bias of the white metal to neutral to the upside. However, a dragonfly doji emerged on the daily, exacerbating silver’s slide towards the $22.20 zone.

If the XAG/USD falls below $22.00, this would pave the way for a drop towards the 50-day EMA at $21.91, immediately followed by the 100-day EMA at $21.89. Once broken, the 200 day EMA at $21.81 would be next, before falling back to the 20 day EMA at $21.60.

Conversely, the first resistance for XAG/USD would be the March 17 daily high at $22.59, followed by the March 20 high at $22.71. Upside risks remain above $23.00.

XAG/USD Daily Chart

XAG/USD Technical Levels


Last price today 22.3
Today Daily Variation -0.25
today’s daily variation -1.11
today’s daily opening 22.55
daily SMA20 21.2
daily SMA50 22.31
daily SMA100 22.36
daily SMA200 20.95
previous daily high 22.72
previous daily low 22.22
Previous Weekly High 22.61
previous weekly low 20.54
Previous Monthly High 24.64
Previous monthly minimum 20.42
Fibonacci daily 38.2 22.41
Fibonacci 61.8% daily 22.53
Daily Pivot Point S1 22.28
Daily Pivot Point S2 22
Daily Pivot Point S3 21.78
Daily Pivot Point R1 22.77
Daily Pivot Point R2 22.99
Daily Pivot Point R3 23.27

Source: Fx Street