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Silver Price Analysis: XAG / USD is on the verge of dropping below $21.00.

Alina Haynes

Mar 07, 2023 11:49

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XAG / USD fails to extend last Friday's rally, retreats from weekly highs of around$21.30, and falls 0.92 percent, or 0.20 cents, in Monday's session. The XAG / USD is currently trading at $21.02, down from its starting price. After testing the daily low on February17, which turned into resistance at$21.18, the XAG / USD spot price declined, as bears eye $20.00. The XAG / USD must, however, overcome the $21.00 obstacle on its journey south. The March 3 low of $20.84 and the March 1 low of $20.68 would serve as the XAG / USD next supports after they are gone. The Yearly low of $20.43 would be revealed if the latter was breached.

 

The Relative Strength Index (RSI) has rounded the curve and is now aiming downward after emerging from oversold circumstances. This indicates that sellers are gaining traction, which is further supported by the Rate of Change (RoC), as purchasing demand is waning.

 

As an alternate possibility, the XAG/USD first resistance would be the March 6 peak at $21.30. Silver may rise toward the 20-day Exponential Moving Average (EMA) at $21.50 once investors retake that mark before falling to the 200-day EMA at $21.85.


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