Silver Price Analysis: XAG/USD price retreats below $23.00 as double-top looms

NEW YORK (October 31) Silver price trips down and aims below the $23.00 mark, which was briefly visited by the grey metal and capped by a strong recovery from the Greenback. The XAG/USD is trading at $22.86, down 1.82%.

A double-top in the daily chart is forming, suggesting that XAG/USD could retrace further, past the latest cycle low of $22.45, the October 26 low. However, on its way to challenging the latter, Silver must break key technical support levels like the 50-day moving average (DMA) at 422.93, and the 20-day moving average (DMA) at $22.45. Once those levels are cleared, Silver could shift from a neutral to a downward bias.

Conversely, if XAG/USD stays above the 50-DMA and reclaims $23.00, the following resistance level would be the 200-DMA at $23.28, which needs to be cleared, along with the September 23 daily high at $23.77, the latest cycle high, to shift the grey-metal bias to upwards. In that outcome, the XAG/USD next resistance would be $24.00.

FXStreet