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XAG / USD recovers after falling towards $ 22.00

  • Silver falls to $ 22.07 and was able to stay above the critical $ 22.00 level.
  • It recovered sharply, alleviating the negative bias.

At payment It cut losses during the last hours and after hitting a weekly low of $ 22.07, close to the 2021 low of $ 22.01. The $ 22.00 zone remains a key and intact barrier that, if broken, could lead to further losses.

The XAG / USD bounce pushed the price close to $ 22.50. The metal is now down just 0.35% on the day and traded sideways on the week. A recovery above $ 22.60 would further ease the downward pressure.

For silver to suggest a potential short-term bottom, it must rise above $ 23.00. Above the next level to consider is the 20-day moving average of around $ 23.60.

The key factor in the recent rally to the downside was a stronger US dollar across the board amid higher US yields and some caution in financial markets. On Friday, a Federal Reserve official further opened the doors for a reduction in November, reaffirming the signals that emerged from this week’s FOMC meeting.

XAG / USD daily chart

Technical levels

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