- Silver is struggling to break the 200 day EMA at $21.48 after hitting a daily high of $21.61.
- Silver Price Analysis: A doji on the daily chart suggests that silver is consolidating.
the price of silver It remains unable to break above the 200-day EMA at $21.48 for good and pulls back after hitting a daily high of $21.61, losing 0.15% from its opening price. At the time of writing, XAGUSD is trading at $21.19 a troy ounce.
Silver (XAGUSD) Price Analysis: Technical Outlook
Silver’s recovery stalled around the 200 day EMA at $21.48 in the last couple of days, with Wednesday’s price action forming a doji, meaning buyers could be refraining from testing prices. higher, with the US Consumer Price Index (CPI) report for October just around the corner. Note that if XAGUSD falls below $21.00, a drop to this week’s low of $20.38 is expected.
In the short term, XAGUSD seems to be forming a top around $21.40-$60. The Relative Strength Index (RSI), in downward sloping bearish territory, suggests some selling pressure is building, but a break below the confluence of Wednesday’s low and the daily pivot point at $21.16 would exacerbate a test of the key psychological level $21.00.
XAGUSD’s key resistance levels are found at $21.60, followed by the R1 daily pivot at $21.82 and $22.00.
Key Technical Levels for Silver (XAGUSD)
Source: Fx Street
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