- Silver price falls below the 50-day Moving Average to close at $23.53.
- Technical outlook suggests a bearish tilt, with the 200-DMA at $23.46 as a key support level that could trigger further downside to $23.00 and $22.23.
- Intraday analysis shows first support at yesterday’s low of $23.46, first resistance at the daily pivot of $23.68, followed by the R1 daily pivot at $23.86.
Silver price retraces and breaks technical support at the 50-day Moving Average (DMA) on Tuesday after hitting a daily high of $23.99. The $23.71 area was surpassed late in the New York session, which witnessed the white metal printing a daily close of $23.53. At the time of writing, XAG/USD is trading at $23.53, registering minuscule gains of 0.03%.
XAG/USD Price Analysis: Technical outlook
The XAG/USD price action shows the white metal is tilted to the downside, but the trend is unclear. As of writing, it’s shy of clearing the 200-DMA at $23.46, which is seen as a bearish signal that could make prices tumble. In that case, the first support would be the $23.00 psychological level, followed by the August 15 swing low of $22.23. On the flip side, the XAG/USD first resistance would be the 50-DA at $23.71, followed by the $24.00 mark.
From an intraday perspective, XAG/USD is downward biased, with first support emerging at yesterday’s low of $23.46. Once cleared, the next support would be the S1 daily pivot at $23.34, followed by the S2 pivot point at $23.14. On the flip side, the daily pivot at $23.68 is the first resistance level, followed by the R1 daily pivot at $23.86.
XAG/USD Price Action – Hourly chart
Source: https://www.fxstreet.com/news/silver-price-analysis-xag-usd-falls-below-the-50-dma-eyeing-the-200-dma-at-2350-202309052222