XAG/USD slumps below $23.50 ahead of the FOMC’s decision – Crypto News – Crypto News
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XAG/USD bears have the upper hand below $19.00 mark XAG/USD bears have the upper hand below $19.00 mark

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XAG/USD slumps below $23.50 ahead of the FOMC’s decision – Crypto News

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3 years ago

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  • Silver fails to hold to its earlier gains above the 20-day EMA, with traders eyeing $23.00.
  • Silver Price Analysis: Consolidated, slightly skewed downwards, as oscillators turned bearish.

Silver The price struggles at the 20-day Exponential Moving Average (EMA) at $23.66 and is dropping toward the day’s lows, at around $23.40s, as investors prepare for the US Federal Reserve’s (Fed) monetary policy decision. Therefore, XAG/USD traders are squaring their positions, awaiting Jerome Powell and his colleagues. At the time of writing, the XAG/USD exchange hands at $23.44, down from its opening price by 1.12%.

Silver Price Analysis: XAG/USD Technical Outlook

Silver remains pressured ahead of the FOMC’s decision, trapped within Tuesday’s price action, which witnessed a test of the 50-day Exponential Moving Average (EMA) at $23.11, though it was quickly rejected, achieving a daily close above the 20-day EMA. However, Wednesday’s story is different. The XAG/USD fell below Monday’s low of $23.54, eyeing to extend its losses towards the $23.00 figure.

momentum Indicatorslike the Relative Strength Index (RSI), turned bearish, while the Rate of Change (RoC), suggests that sellers are gathering momentum.

Given the backdrop, the XAG/USD first support would be the $23.00 psychological level. A breach of the latter and the year-to-date (YTD) low at $22.76 is on the cards.

As an alternate scenario, the XAG/USD’s reclaiming the 20-day EMA will expose the $24.00 figure. Once cleared, Silver would test the YTD high at $24.54, followed by a rally to the $25.00 mark.

Silver Key Technical Levels

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