Silver Price Analysis: The 50-day moving average (SMA) is probing XAG/losses USD’s towards $21.80

Dec 21, 2021

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During the three-day downturn, silver (XAG/USD) remains depressed at an intraday low of $22.18, down 0.18% on the day.

Bright metal sellers are attacking 50-SMA support in this way, as fails to cross the 100-SMA and the downward sloping RSI line, both of which are not near oversold territory, indicate the quote’s additional deterioration.

However, the $22.00 level may provide an intermediate pause in the metal’s decline, with the weekly horizontal support region near $21.80 as a target. However, the twin bottoms formed in December and September, near $21.40, will be a key support to monitor in the coming months.

The $20.00 psychological magnet should draw the market’s attention if the XAG/USD price falls below $21.40.

Meanwhile, before Friday’s peak of $22.67, recovery moves may aim for the 100-SMA level of $22.40. The silver purchasers will next be tested by the 38.2 percent Fibonacci retracement (Fibo.) of the November 16 to December 15 fall, which is around $23.00, before being directed to the confluence of the 200-SMA and 50 percent Fibo., which is around $23.40.

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