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Silver Price Analysis: XAG/USD refreshes 10-week low as bears attack 100-DMA

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  • Silver price takes offers to renew multi-day low, fades the previous day’s corrective bounce off 100-DMA.
  • Bearish MACD signals, failure to rebound from key DMA favor XAG/USD sellers.
  • Nearly oversold RSI (14) line challenges further downside of metal.
  • 200-DMA lures Silver bears unless XAG/USD stays below $23.25.

Silver price (XAG/USD) drops 0.85% intraday as it renews the 2.5-month low near $21.80 during early Monday. In doing so, the bright metal pokes the 100-DMA while reversing the previous day’s corrective bounce off the multi-day low.

Given the quote’s inability to rebound from the 100-DMA, as well as the bearish MACD signals, the XAG/USD sellers are likely to keep the reins. However, the 200-DMA support, close to the $21.00 round figure, appears a tough nut to crack for the Silver bears.

Hence, the precious metal is likely to break the immediate DMA support surrounding $21.80 but may witness a limited downside.

It’s worth noting that the October 2022 peak surrounding $21.25 may act as an extra filter towards the south, before hitting the 200-DMA.

Meanwhile, Silver buyers need to portray a successful recovery beyond November 2022 peak surrounding $22.25 to regain the market’s confidence.

Even so, a horizontal area comprising multiple levels marked since early December 2022, close to $23.25, could challenge the XAG/USD bulls.

Following that, a jungle of resistances around $24.30 may test the Silver buyers before directing them to the monthly high of around $24.65, also the highest since April 2022.

Silver price: Daily chart

Trend: Limited downside expected

ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price21.82
Today Daily Change-0.20
Today Daily Change %-0.91%
Today daily open22.02
TRENDS
Daily SMA2023.29
Daily SMA5023.43
Daily SMA10021.83
Daily SMA20021
LEVELS
Previous Daily High22.31
Previous Daily Low21.84
Previous Weekly High22.62
Previous Weekly Low21.84
Previous Monthly High24.55
Previous Monthly Low22.76
Daily Fibonacci 38.2%22.13
Daily Fibonacci 61.8%22.02
Daily Pivot Point S121.8
Daily Pivot Point S221.58
Daily Pivot Point S321.33
Daily Pivot Point R122.27
Daily Pivot Point R222.53
Daily Pivot Point R322.75

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