Silver Price Analysis: XAG/USD seesaws around the 50-DMA, at around $22.30

• Silver prices break downwards from a megaphone formation, suggesting that XAG/USD bias is downwards.
• Silver Price Analysis: Downward biased and will face strong resistance at around$22.29.

Silver price slides below a downslope trendline of a megaphone formation and also beneath the 100-day Exponential Moving Average (EMA) as Tuesday’s Asian session begins. At the time of writing, the XAG/USD exchanges hands at $22.25.

Silver Price Analysis: XAG/USD Technical Outlook

From a technical perspective, the XAG/USD is neutral-to-downward biased. Silver’s fall under a megaphone trendline could exacerbate the white metal’s fall toward the 100-day EMA at $22.29. A breach of the latter and the 200-day EMA at $21.94 would be in play, which, once cleared, and XAG/USD might test the November 28 swing low at $20.87.

Given the backdrop, oscillators like the Relative Strength Index (RSI) and the Rate of Change (RoC) suggest that selling pressure is gathering momentum.

Nevertheless, as an alternate scenario, the XAG/USD first resistance would be the 100-day EMA at $22.29. Once cleared, the non-yielding metal could climb toward the 50-day EMA at $23.05, ahead of the 20-day EMA at $23.32.

Silver Key Technical Levels