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2 Nov 2021

Silver Price Analysis: XAG/USD drops more than 2.5%, to the $23.35 area

  • Silver having the worst day since late September amid a stronger USD ahead of FOMC.
  • XAG/USD is back below the 20-day moving average.

Silver (XAG/USD) is falling significantly on Tuesdays, even as gold prices drop only marginally. Recently it bottomed at $23.38, the lowest level since October 19.

The metal remains near the lows, under pressure and falling 2.61% during the day, the worst day since September. The sharp decline pushed the price under the 20-day moving average and is testing the 55-day.

The extension of the reversal from levels near $25.00 that reached two weeks ago deteriorated the technical outlook. Below $23.40, the next support is seen at $23.15 and then $22.80.

On the upside, $23.75 is the immediate resistance, followed by $23.95 and $24.10. A recovery above $24.00 should alleviate the bearish momentum and could even be a sign of more gains ahead.

Despite current technical factors, Wednesday’s FOMC meeting could be a market mover triggering sharp moves in metals, particularly gold. The yellow metal is under $1,790/oz, down just 0.26%.

XAG/USD daily chart

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