Silver Price Analysis: XAG/USD clings to 100-day EMA around three-week low

Silver prices retrace losses from the multi-day low of $23.42 while taking rounds to $23.60 during the early Tuesday’s Asian session. The white metal  |  23/11/2020 22:12
  • Silver consolidates losses from November 04 low within a choppy range between $23.56 and $23.64.
  • MACD flirts with the bears after repeated failures to cross 50-day EMA.
  • Two-month-old ascending support line gains sellers’ attention.

Silver prices retrace losses from the multi-day low of $23.42 while taking rounds to $23.60 during the early Tuesday’s Asian session. The white metal dropped to the lowest since November 04 after marking multiple pullbacks from 50-day EMA resistances during the last four days.

Not only the commodity’s inability to cross the key EMA, but MACD conditions also favor the silver bears to eye an ascending trend line from September 24, at $23.23 now. Though, a sustained downside break below the 100-day EMA level of $23.60 becomes necessary for that.

In a case where the bullion stays weak past-$23.23, the 23.00 and the 22.00 round-figures can offer intermediate halts to the downside targeting 200-day EMA and September’s bottom, respectively around $21.75 and $21.65.

Alternatively, a corrective pullback needs to overcome the 50-day EMA level of $24.35 to probe the mid-month top close to $25.10.

However, any further upside past-$25.10 will help the silver bulls to challenge the monthly peak near $25.85.

Silver daily chart

Trend: Further downside expected

 

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