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03.11.2021 07:21

Silver Price Analysis: 50-DMA probes XAG/USD bears on the way to $22.80

  • Silver bears take a breather following the heaviest fall in five weeks.
  • Pre-Fed trading lull allows 50-DMA to question further downside.
  • Clear break of a multi-day-old support line, bearish MACD favor sellers.

Silver (XAG/USD) struggles to defend the bounce off a three-week low, recently sidelined around $23.50, during Wednesday’s Asian session.

That said, the 50-DMA level surrounding $23.40 probes the bright metal’s immediate downside amid cautious sentiment ahead of the US Federal Reserve (Fed) meeting.

Even so, a successful break of an ascending trend line from October 29 and a bearish cross by the MACD line keep silver sellers hopeful to visit a horizontal area comprising multiple levels marked since August 20, around $22.90-80.

It should be noted, however, that the metal’s weakness past $22.80 may find multiple supports near above $22.00, a break of which will direct the quote towards the yearly bottom surrounding $21.42.

Meanwhile, corrective pullback needs to cross the support-turned-resistance line, at $24.05 by the press time, to recall the buyers.

Following that, October’s high of $24.82 and September’s peak near $24.85 will be in focus.

Silver: Daily chart

Trend: Further weakness expected

 


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